New U.S. Census information has revealed a startling pattern concerning San Antonio’s renter inhabitants: The variety of renters aged 65 and older has surged 24 % over the past decade. There are greater than 11,000 seniors presently renting their properties within the San Antonio metro.
A brand new renter inhabitants examine by Point2Homes analyzed the newest Census information for renters throughout all ages demographic within the 75 greatest U.S. metros. Nationally, the variety of senior renters has elevated by 2.4 million individuals over the past decade.
San Antonio-New Braunfels positioned No. 62 within the rating of U.S. metros with the best progress charge in senior renters nationwide from 2013 to 2023.
The variety of seniors renting single-family properties in San Antonio-New Braunfels has elevated 12.8 % since 2013, that means practically 2,300 San Antonians aged 65-plus are renting their properties.
Austin-Spherical Rock claimed the No. 1 spot with an 81.1 % enhance in senior renters statewide from 2013-2023, although the Texas Capital added solely 23,446 senior renters throughout that point.
For comparability, Baton Rouge, Louisiana had the most important surge of senior renters within the U.S. over the past decade with an 88.7 % progress charge. Nonetheless, New York-Newark-Jersey Metropolis in New York-New Jersey-Pennsylvania had the best numerical progress in senior renters throughout that point, totaling 275,905 individuals.
The report provides that these seniors are shifting their priorities and “stepping away from the burdens of homeownership” with a purpose to reside nearer to household, downsize, or lower prices to simplify their lifestyle.
“A Harris Ballot survey confirmed that the older crowd now has a decrease threshold for rates of interest when shopping for, that means they’re extra delicate to the monetary burden of a mortgage,” the report’s creator wrote. “Downsizing from bigger household properties, avoiding prices and maintenance tied to possession, and prioritizing proximity to household or medical providers are additionally amongst potential motivators for renting.”
Point2Homes additionally factors out that this “senior renter growth” could be linked to the (oddly named) pattern of aged “child chasers,” that means grandparents who select to relocate to be nearer to their grandchildren.
Senior renter demographics in San AntonioThe report additionally analyzed San Antonio’s share of renters primarily based on age group. Predictably, the best share (29.9 %) of San Antonio’s renter inhabitants is between the ages of 25-34, with the second highest share (20.6 %) falling to residents aged between 35-44.
Solely 9.5 % of San Antonio’s complete renter inhabitants is between the ages of 55-64, whereas 9.6 % are seniors aged 65 and up. The metro’s youngest demographic of renters, aged 18-24, solely make up 16.8 % of all San Antonio-area renters. That leaves the remaining 13.6 % of San Antonio renters falling into the 45-54 age bracket.
Senior renters in different Texas metrosAustin-Spherical Rock had the third-highest progress charge in senior renters from 2013-2023 nationwide, whereas the expansion charge in Dallas-Fort Value-Arlington got here out to 66.5 % because the fifth-highest enhance.
DFW additionally ranked because the metro with the second-highest progress charge in senior renters in Texas. The Metroplex gained 78,218 senior renters, making it the metro with the No. 1 highest numerical change in renters aged 65-plus in Texas.
Houston-The Woodlands-Sugar Land ranked eighth nationally with a 60.3 % enhance in senior renters, and the metro gained 63,749 senior renters throughout that point interval, which was the fourth highest numerical enhance nationwide.
The highest 10 U.S. metros that had the best will increase in senior renters over the past decade are:
No. 1 – Baton Rouge, Louisiana (88.7 %)No. 2 – Jacksonville, Florida (83.7 %)No. 3 – Austin-Spherical Rock, Texas (81.1 %)No. 4 – New Orleans-Metairie, Louisiana (69.7 %)No. 5 – Dallas-Fort Value-Arlington, Texas (66.5 %)No. 6 – Raleigh, North Carolina (63.5 %)No. 7 – Bridgeport-Stamford-Norwalk, Connecticut (60.4 %)No. 8 – Houston-The Woodlands-Sugar Land, Texas (60.3 %)No. 9 – Lakeland-Winter Haven, Florida (54.1 %)No. 10 – Charlotte-Harmony-Gastonia, North Carolina-South Carolina (53.5 %)
