When many people hear the word “renter,” they picture some young, fresh-out-of-college millennial or even someone a little older who still prefers flexibility over stability. But these days, millennials aren’t part of the only generation looking for apartments. More baby boomers (the generation born after World War II between 1945 and the early 1960s) are starting to return to renting after years of living in their own homes. In fact, according to data from the Joint Center for Housing Studies of Harvard University, renting increased for adults between ages 50 and 75 from 2004 to 2013.
So, why are boomers returning to renting? Here are a few reasons: