It may be younger, less skilled people with deficient earnings power that make the most noise about skyrocketing rents, but it may be seniors who are hurt the most. The Wall Street Journal reports that seniors who have sold their homes since the housing crash are now at the mercy of the market, and in some cities, they are getting priced out.
More than 6.1 million people age 65 and older rented their primary residences in 2014, up 29% from 2001, according to Harvard University’s Joint Center for Housing Studies. While the 79% homeownership rate for people 65 and older is the highest of any age group, the rate is down significantly since the housing boom, when it peaked at nearly 82%. Many seniors who lost homes in the housing crash will be renting for the rest of their lives, because they have less time than younger households to recover financially.