Freddie Mac has released a study of the housing plans and perceptions of those 55 or older, showing that nearly 6 million homeowners—and almost as many older renters—are looking to make at least one more move. And that move will be into rental housing.
Digging deeper, the survey shows that more than 5 million in this demographic expect to rent by 2020, with the majority of both homeowners and renters expecting to pay as much as, or less than, they currently pay for housing.
Obviously, affordability will be a key issue with this cohort.
A population this large that expects to move into equally or less expensive rental housing is another indication of the pressure that will be put on already tight rental inventories and affordability in the coming years.
Among the top "very important" factors influencing their next move, respondents picked affordability (60%), amenities needed for retirement (47%), living in a community where they are no longer responsible for caring for the property (44%), and being in a walkable community (43%).