More seniors are opting for renting over homeownership, according to an analysis of U.S. Census data by Point2Homes, an online real estate marketplace specializing in rental homes in the U.S. and Canada.

The Point2Homes analysis found that the number of renters age 65 and older grew by 2.4 million nationwide over 10 years, the largest increase of any age group. It looked at the 75 most populous metro areas in the country.

“In Ohio’s largest metros, growth in senior renters is evident, whereas younger and midlife age groups are showing a more mixed pattern of modest increases or notable declines,” a news release from the company states.

It points to age, downsizing, high mortgage costs and relocating closer to family as factors contributing to the national trend. 

Here’s a look at the data on renters in Ohio’s largest metro areas: 

COLUMBUS 

  • Seniors (65 and older) grew by 52% in 2023 compared with 2013, adding 21,318 renters – the highest growth among all age groups. Seniors make up 11.4% of renters in the metro area. 
  • Renters ages 55 to 64 rose by 31.5%, making up 9.7% of Columbus renters. 
  • In contrast, renters ages 18 to 24 and 45 to 54 decreased by 2.2% each. 
  • Renters ages 25 to 34 represent 30.9% of all renters, with a net increase of 20,245 renters over 10 years. 

CINCINNATI

  • Renters age 65 and older rose by 51.2%, adding 23,168 households. This group represents 14.4% of Cincinnati’s rental market. 
  • Modest growth was seen among renters ages 55 to 64 (+6.3%), while other groups – especially ages 45 to 54 (-15.4%) – saw notable declines compared with 10 years ago. 
  • Renters ages 25 to 34 represent the largest share of the market at nearly 27%, followed by the 18 to 24 and 35 to 44 groups, with 18.5% and 17%, respectively. 

DAYTON

  • Renters age 65 and older increased by 34%, adding 7,195 renters over 10 years. This group constitutes 14.9% of the metro’s renters. 
  • Renters ages 55 to 64 grew by 7.8%, making up 11.4% of Dayton’s renters. 
  • Younger groups saw declines across the board – with renters ages 18 to 24 down 12.2%, and ages 35 to 44 down 12.9%. 
  • Renters ages 25 to 34 comprise 27.5% of all renters, despite the 1.6% decline compared with 2013. 

CLEVELAND-ELYRIA

  • Renters age 65 and older increased by 12.9%, making up 16.8% of all renters. 
  • Growth was limited elsewhere: Renters ages 25 to 34 edged up 3.6%, while all other age groups declined – most sharply among the 45 to 54 age group (–32.2%) and the 18 to 24 age group (down by nearly 25%).