DataPoint: Older Adult Rental Growth

According to the Urban Institute, which obtained data from the American Community Survey, homeownership for adults aged 65 and over in New York State is expected to decrease by 3.4 percent from 2020 to 2040, emphasizing the need to increase the supply of affordable housing options. New York State residents under age 65 are expected to see a small increase in homeownership.

Nationwide, almost all household growth will be from senior households. Older adults are anticipated to represent 13.8 million, or 85.7 percent, of the 16.1 million new households formed between 2020 and 2040. During the same period, renter growth is expected to grow more than twice as quickly as homeownership, representing 9.3 million new renter households.

The Urban Institute research report suggest that states should prepare for the surge in aging and minority renters by increasing the availability of affordable homes and tailoring these homes to the needs of future owners and renters through more flexible zoning and land use regulations.

Contact: Ken Allison, kallison@leadingageny.org, 518-867-8820