{"id":4356,"date":"2018-01-12T17:08:47","date_gmt":"2018-01-12T17:08:47","guid":{"rendered":"https:\/\/genhq.com\/?p=4356"},"modified":"2022-07-26T13:48:04","modified_gmt":"2022-07-26T13:48:04","slug":"baby-boomers-compete-millennials-apartment-living","status":"publish","type":"post","link":"https:\/\/genhq.com\/baby-boomers-compete-millennials-apartment-living\/","title":{"rendered":"Baby Boomers Compete With Millennials for Apartment Living"},"content":{"rendered":"<p>While it\u2019s true that Millennials are still renting at a higher rate than any other generation and mostly avoid buying houses of their own, their parents\u2019 generation isn\u2019t far behind them. <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.cnbc.com\/2017\/11\/24\/baby-boomers-like-millennials-are-flocking-to-rentals-offering-a-hands-free-lifestyle.html\" target=\"_blank\" rel=\"noopener\">Baby Boomers are renting<\/a><\/span> at a higher rate than ever before \u2013 but for much different reasons than Millennials.<strong>\u00a0<\/strong><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-4357\" src=\"https:\/\/genhq.com\/wp-content\/uploads\/2018\/01\/MillenialsvsBBR.gif\" alt=\"\" width=\"870\" height=\"500\" \/><\/p>\n<p>Between 2009 and 2015, the number of renters aged 55 or above rose 28 percent, while those aged 34 or younger only increased 3 percent, according to Census data recently compiled by RentCafe.<\/p>\n<p>Also partially due to foreclosures during the great recession, homeownership among Boomers slipped 5 percentage points between 2005 and 2013, <a href=\"http:\/\/www.chicagotribune.com\/business\/ct-boomer-renters-0403-biz-20160401-story.html\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">according to Jennifer Molinsky<\/span><\/a>, researcher for the Joint Center for Housing Studies of Harvard University.<\/p>\n<p>As such, more than 5 million Baby Boomers across the nation are expected to rent their next home by 2020, and account <a href=\"http:\/\/www.chicagotribune.com\/business\/ct-boomer-renters-0403-biz-20160401-story.html\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">for more than half<\/span><\/a> of the nation\u2019s renter growth over the past decade. Some Boomers want to stay close to the neighborhoods they have lived in for decades, while others are following their <a href=\"\/Millennials-Gen-Y-Generation-Y-info\/\">Millennial children<\/a> to cities.<\/p>\n<p>Baby Boomers are at a point in their lives where less is more. Their children have moved out and they\u2019re finding that they don\u2019t need as much space as they once did. Whether it\u2019s in an urban center or the suburbs, <a href=\"\/the-generations-hub\/generational-faqs\/\" rel=\"noopener\"><span style=\"text-decoration: underline;\">Baby Boomers<\/span><\/a> are finding apartment living to be very attractive in their near-retirement and retirement years.<\/p>\n<p>Luxury, all-inclusive apartment buildings that offer swimming pools, gyms, on-site maintenance, and other such amenities are drawing Baby Boomers who no longer wish to mow a lawn or keep up with the challenges of homeownership. While these upscale rental communities might make some Millennials clutch their wallets, Baby Boomers are finding that rental rates are still much lower than their mortgages and insurance.<\/p>\n<p>It will be interesting to observe the type of housing <span style=\"text-decoration: underline;\"><a href=\"\/download-gen-z-white-paper\" rel=\"noopener\">Gen Z, the generation after Millennials<\/a><\/span>, prefers once they graduate college and begin entering the workforce en masse. Research shows that they are a more practical, financially conscious generation than Millennials. Does this mean they will move right to homeownership, or will they embrace renting like their predecessors? Only time will tell.<\/p>\n<p><em>Do have a generational question or challenge that you want solved? Contact us. Our talent is crossing the generational divide to drive measurable sales and employee results.\u00a0<\/em><span style=\"text-decoration: underline;\"><a href=\"mailto:Info@GenHQ.com?subject=I%27d%20like%20a%20little%20info%20on%20generational%20speaking%20and%20research\" target=\"_blank\" rel=\"noopener\"><em>Email us here<\/em><\/a><\/span><em><u>\u00a0<\/u><\/em><em>if you\u2019d like a little info on our customized generational speaking, research, and consulting. We are passionate about turning Gen Z and Millennial challenges into breakthrough opportunities.<\/em><\/p>\n<p><strong><em>Interested in more cool stats, facts, and insights for bridging generations? Follow us on @GenHQ and @JasonDorsey. We are passionate about sharing our latest generational discoveries.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While it\u2019s true that Millennials are still renting at a higher rate than any other generation and mostly avoid buying houses of their own, their parents\u2019 generation isn\u2019t far behind them. Baby Boomers are renting at a higher rate than ever before \u2013 but for much different reasons than Millennials.\u00a0 Between 2009 and 2015, the [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":4357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17,13,22,1],"tags":[],"class_list":["post-4356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-baby-boomers","category-millennials-aka-gen-y","category-research-findings","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Baby Boomers Compete With Millennials for Apartment Living - The Center For Generational Kinetics<\/title>\n<meta name=\"description\" content=\"Baby Boomers are renting at a higher rate than ever before \u2013 but for much different reasons than Millennials.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/genhq.com\/baby-boomers-compete-millennials-apartment-living\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Baby Boomers Compete With Millennials for Apartment Living - 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