Best Affordable Rent Locations for Retirees

The Rising Cost of Rent in the Past Decade

Just like home prices, the cost of rent over the past 10 years has risen dramatically. Rents have gone up more than 50% in the past decade, according to the Consumer Price Index.

Renting vs. Owning in Retirement

Retirees who rent don’t have to worry about home maintenance tasks and expenses, although owning a home can provide more stability than renting, as rents can be raised or properties sold, according to U.S. News.

A Shift Away from Homeownership

Homeownership among 50–65-year-olds has declined in recent years, exposing growing numbers of older workers to rising rents in retirement, according to the Center for Retirement Research. When those workers retire, affordable rent for retirees is going to be critical.

Study Highlights Most Affordable Cities for Renters

A study by WalletHub analyzed the median annual gross rent in more than 180 U.S. cities, then compared it to the median household income.

In the most affordable cities for renters, the median cost of rent is as low as 15% of the median income, compared to more than 33% in the most expensive cities.