Rising Rents Are Pushing Out Seniors in These States (2024)

Seniors represent a significant portion of the U.S. population, with one in six American adults aged 65 or older. Like many others, they’re feeling the squeeze from rising prices and a shortage of affordable housing options. The burden of moving can be immense for seniors, requiring substantial time and effort while navigating age-related health issues such as pain or cognitive impairment.

To better understand the scope of this problem, our team at Retirement Living analyzed Census data to identify where older renters (aged 65+) are feeling the most pressure to relocate.

Many Senior Renters Struggling to Stay Afloat

Over 25% of seniors have reported feeling pressure to move within the last six months due to rising costs and housing-related challenges. Many retirees live on fixed incomes, relying solely on stable savings or limited benefits. Housing expenses can make or break their financial security. Retirement facilities may be too expensive, leading seniors to try to maintain their homes with minimal support, often compromising essential services like in-home care.

A report from Harvard’s Joint Center for Housing Studies found that very few seniors living alone can afford daily visits from health aides after accounting for housing costs—just 14%. Only 13% could move to assisted living without depleting their savings.

An extreme shortage of affordable housing worsens the problem for renters of all ages. Without universal tenant protections, rent increases go unchecked, creating a precarious situation for seniors, especially those with mobility issues or specific health needs.

The Widespread Impact of Rising Rents

Economic factors like wage stagnation and inflation exacerbate the housing crisis. The median rent in the U.S. is $1,406 per month, while the median wage stands at $77,719 annually. Seniors on fixed incomes face immense challenges as housing costs continue to rise, forcing difficult choices between maintaining basic necessities and affording a place to live.

An increase in rent prices left 12% of seniors feeling forced to move to escape high costs. Rent hikes are the most commonly cited reason seniors feel pressured to relocate. Additional factors contributing to this pressure include:

• Landlords failing to make necessary repairs (6%)
• Threats of eviction (2%)
• Unsafe neighborhoods (2%)
• Missed rent payments (1%)
• Locks changed/possessions removed/utilities shut off (0.05%)
• Other reasons (8%)

Data shows that seniors aged 65 and older are the fastest-growing demographic facing homelessness. The need to relocate for affordable housing can push many to the brink of desperation. Without universal tenant protections, unchecked rent increases and limited financial resources have created a precarious situation for older renters nationwide.

States Where Seniors Are Hit Hardest by Rent Increases

An age group once able to comfortably own homes now grapples with increased housing costs, often unable to pay off mortgages and forced into renting. Nationally, 12.35% of seniors cited rising rents as a key reason for relocating. Here’s a closer look at the most affected states:

1. Florida

• Percentage of seniors who reported moving due to rent increases: 35.1%
• Median rent price: $1,719
• Poverty rate (65+ older): 12.1%
• Percentage of population (65+ older): 21.7%

Approximately 35% of seniors in Florida reported moving within the past six months due to rising rent prices. Despite its reputation as a retirement destination, the state’s median rent of $1,719 and a senior poverty rate of 12.1% have made it increasingly difficult for older residents to afford housing.

Read more: Florida Retirement Communities

2. New Mexico

• Percentage of seniors who reported moving due to rent increases: 22.2%
• Median rent price: $1,084
• Poverty rate (65+ older): 13.7%
• Percentage of population (65+ older): 19.9%

In New Mexico, 22.2% of seniors indicated they had to move recently because of rising rents. With a median rent of $1,084 and a senior poverty rate of 13.7%, many older adults in the state are struggling to maintain stable housing.

Read more: New Mexico Retirement Communities

3. New Hampshire 

• Percentage of seniors who reported moving due to rent increases: 21.7%
• Median rent price: $1,517
• Poverty rate (65+ older): 7.6%
• Percentage of population (65+ older): 20.7%

Due to increased rental costs, New Hampshire saw 21.7% of its senior population relocating in the past six months. The state’s median rent stands at $1,517, and while the senior poverty rate is relatively low at 7.6%, the rising housing expenses are still causing significant strain for many older residents.

Read more: New Hampshire Retirement Communities

4. Virginia

• Percentage of seniors who reported moving due to rent increases: 20%
• Median rent price: $1,567
• Poverty rate (65+ older): 9.5%
• Percentage of population (65+ older): 17.2%

In Virginia, 20% of seniors reported moving recently due to higher rents. The median rent in the state is $1,567, and the senior poverty rate is 9.5%, indicating that a substantial portion of the older population is affected by the escalating housing costs.

Read more: Virginia Retirement Communities

5. Washington  

• Percentage of seniors who reported moving due to rent increases: 19%
• Median rent price: $1,731
• Poverty rate (65+ older): 9.6%
• Percentage of population (65+ older): 17.1%

Washington has seen 19% of its senior residents relocate in the past six months because of rising rental prices. With a median rent of $1,731 and a senior poverty rate of 9.6%, the increasing cost of housing is forcing many older adults to seek more affordable living arrangements.

Read more: Washington Retirement Communities

Metro Areas Where Seniors Are Hit Hardest by Rent Increases

Here’s a closer look at the 15 largest metropolitan statistical areas and the impact of rising rents on older residents over the past six months.

Miami stands out as the hardest-hit metro area for seniors. Nearly 23% of seniors in the Miami metro area reported feeling pressured to move due to rising rent prices.

With a median rent of $1,864 and a senior poverty rate of 19.9%, Miami serves as a stark example of how increasing housing costs and economic strain are affecting older adults, especially those on fixed incomes.

Moving Tips for Seniors 

Moving as a senior can sound daunting, but you don’t have to do it alone. We’ve assembled a few tips for seniors to make moving a breeze.

1. Find a reliable mover 

Hiring a moving service to help pack up boxes and load furniture is already a huge help, but senior moving services can help with even more parts of the process – like finding a new place or helping you downsize.

2. Consider moving grants or nonprofit assistance 

The nonprofit Modest Needs provides financial assistance to those who are ineligible for conventional social assistance programs. Transportation grants are available to help cover moving costs.

Veterans in need of housing-related help can contact the U.S. Department of Veterans Affairs to apply for assistance with transitional housing expenses.

3. Be careful packing and unloading

Take extra caution when physically exerting yourself to lift boxes or move furniture. Don’t hesitate to ask for help from friends or family to help securely lift or unload items.

4. Know your rights as a tenant

Stay educated to avoid falling prey to unlawful charges or wrongful evictions. If you’re facing eviction and want to fight back or buy time to find a new place, inform yourself about “just cause” eviction laws. See if your city or state has its own site or nonprofit for tenant rights in the area, similar to those like PhillyTenant.

Methodology  

The Retirement Living Research Team analyzed U.S. Census Household Pulse Survey data from August 20 to September 16, 2024. This analysis focused on responses from individuals aged 65 and older.

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