Millions of Baby Boomers Still Choose to Rent Instead of Buy

It’s a common belief that baby boomers those born between 1946 and 1964 had an easier path to homeownership than the generations that followed. While that was true for many, a surprising share of boomers are still renters today. According to a new LendingTree study, roughly 18.6% of baby boomers about 12 million people are renting their homes rather than owning them.

That makes boomers the generation with the lowest percentage of renters overall, but in some major metro areas especially on the coasts boomer renting is far more common. Cities like New York and Los Angeles lead the nation, where nearly one in three boomers (32.3%) are renters.

Who Are These Boomer Renters?

While younger generations rent out of necessity, many baby boomers rent out of choice or convenience. LendingTree’s research shows that boomers are the most likely group to rent by preference, not just because they can’t afford to buy.

“A lot of boomers rent simply because of the ease it provides,” said Matt Schulz, LendingTree’s Chief Consumer Finance Analyst and author of Ask Questions, Save Money, Make More. “They like being able to call the landlord when something breaks instead of handling it themselves. They don’t want to deal with home maintenance, yard work, or major repairs—renting makes life simpler.”

Among boomers who rent, over half (55.2%) are women, and the majority 56.4% live alone. Only 14.4% live with a spouse, while 9.6% live with family. Many are empty nesters who have downsized after selling family homes, often using the proceeds to fund retirement, travel, or other lifestyle goals.

“For many, it just makes sense,” Schulz added. “Why hold onto a big, expensive house when the kids are gone? Selling and renting can free up equity and reduce financial stress during retirement.”

Key Findings

• 12 million baby boomers (18.6%) rent their homes, compared to 48.6% of Gen Z, 41.1% of millennials, and 26.1% of Gen X.
• Among boomer renters, 55.2% are women and 56.4% live alone.
• Nearly one in three boomers (32.3%) rent in New York or Los Angeles, the highest rates nationwide.
• Ogden, Utah (11.0%), has the lowest share of boomer renters, followed by Palm Bay, FL (11.5%) and Provo, Utah (11.8%).
• Nationally, the share of boomers renting has declined by nearly 9% since 2018, reflecting a gradual shift toward stability or ownership in more affordable regions.

Where Boomers Are Renting the Most

The metros with the highest share of baby boomer renters are no surprise they’re the same cities where homeownership is most expensive.

Rank	Metro Area	% of Boomers Renting
1	New York, NY	32.3%
1	Los Angeles, CA	32.3%
3	Las Vegas, NV	26.5%
4	Fresno, CA	25.7%
5	San Francisco, CA	25.2%
6	San Diego, CA	24.8%
7	San Jose, CA	23.9%
8	Miami, FL	23.3%
9	New Haven, CT	22.8%
10	Reno, NV	22.6%

California dominates the list, with 10 of the top 23 metros for boomer renters located in the state. These areas all exceed the national average rental rate of 18.6%, reflecting the sheer difficulty of purchasing homes in markets where the median home price often exceeds $1 million.

“It’s nearly impossible for many people to buy in places like LA or New York unless they already own property or have significant wealth,” said Schulz. “Even for retirees with solid savings, the down payment alone can be staggering. Renting gives them access to the lifestyle they want without the financial burden of a massive mortgage.”

In these high-cost metros, the financial gap between renting and owning can be striking. A 2023 LendingTree analysis found that in San Francisco, Bridgeport, and New York, the cost of owning a home with a mortgage was over $1,300 higher per month than renting a comparable property.

That difference is enough to make renting the smarter financial move, even for those who could technically afford to buy.

The Hidden Costs of Ownership

For boomers who already own their homes outright, property taxes can still be a major deterrent to staying put. According to LendingTree’s property tax analysis, several of the metros with the most boomer renters like New York, San Francisco, San Jose, Los Angeles, and San Diego also rank among the top ten cities with the highest median property taxes in the nation.

In places where annual property tax bills can easily top $10,000 or more, renting provides both flexibility and cost savings. Even in areas with relatively low taxes, like Las Vegas, rates have been climbing up 13.6% between 2021 and 2023 further eroding affordability for homeowners.

Where Boomers Are Least Likely to Rent

At the opposite end of the spectrum, smaller cities in Utah and Florida have the lowest percentage of baby boomer renters.

Rank	Metro Area	% of Boomers Renting
1	Ogden, UT	11.0%
2	Palm Bay, FL	11.5%
3	Provo, UT	11.8%
4	Cape Coral, FL	13.1%
5	North Port, FL	14.3%
6	Deltona, FL	14.9%

In these markets, home prices remain well below the national median, and property taxes are lower than average. For example, the median home price in Ogden was $390,500 in September 2025, and $365,000 in Palm Bay, compared to a national median of $435,295.

Utah’s effective property tax rate around 0.55%, the eighth-lowest in the country also helps keep ownership attractive. Florida’s tax rates are similarly favorable, giving retirees even more incentive to buy rather than rent.

“Where homes are affordable, boomers tend to stay put and own,” Schulz explained. “But in high-cost metros, renting is often the more logical, and sometimes necessary, choice.”

Why Renting Makes Sense for Many Boomers

For many older Americans, renting isn’t just a fallback it’s a lifestyle decision. It allows flexibility for those who want to live closer to family, move to warmer climates, or simplify their living arrangements. Renting can also make financial sense for retirees looking to preserve liquidity or avoid the unpredictability of home repairs and taxes.

As housing costs continue to climb and mortgage rates remain high, this trend may persist. Even with millions of boomers holding substantial home equity, a growing number prefer the ease, flexibility, and predictability that come with renting.

“This generation spent decades building wealth through homeownership,” said Schulz. “Now, many are deciding it’s time to enjoy that freedom without the burden of owning a home.” For direct financing consultations or mortgage options for you visit 👉 Nadlan Capital Group.