Is owning a home still the American dream? Why older Americans are choosing to rent

Owning and maintaining a home may no longer define the American dream for many older Americans.

“I’m definitely saving money. I don’t have the same expenses as I did before, carrying a house and a mortgage. So, I’m definitely much freer than I was, and lighter,” 60-year-old advertising creative director Philippa “Pippa” White told Fox News Digital.

“I’m in my renaissance, actually.”

White is one of many renters joining a growing trend, as rising property taxes, insurance and repair costs push people 55 and older to sell their homes and consider renting. 

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Between 2021 and 2024, property insurance premiums rose an average of $648 a year nationwide, according to the Consumer Federation of America. Data from the National Association of Realtors shows property taxes average about 4% of median household income — and rise as property values climb.

A recent Harvard Joint Center for Housing Studies report found that people 55 and older account for half of all home improvement spending — a share expected to grow to more than 56% through 2025.

Born in Toronto, White spent her younger years in New York City before buying a single-family home in Chicago, where she lived for about two decades. She later took a new job, moved and began renting an apartment at the newly built Society Atlanta.

“It was just like, the perfect good storm,” she said. “I love[d] my house, my children grew up in the house. But houses are a lot of upkeep. And for me right now, at this point in my life, I really wanted to live lighter… I know a lot of my friends, our kids are launched or [are] launching. We are still vital and young and feel like we have lots of life left. And so it’s kind of a nice time to kind of have an adventure.”

“In terms of the American dream, I think people who are starting families in their 20s, 30s, 40s, they still want that traditional dream of owning a home, raising their family, being near good schools and community,” Property Markets Group senior director of corporate development Brian Koles, who oversees Society Atlanta, told Fox News Digital. “I think the big shift is that there’s this new second chapter.”

Koles said PMG’s rental portfolio has seen about a 70% increase in inquiries from people 55 and older in 2025 compared to 2020. He expects that group to make up 20% of Society Atlanta residents within the next five to 10 years.

“I think people 55 and older now are valuing a much more active lifestyle,” Koles said. “We also see that they value financial flexibility, so they’d rather pay rent than have the money locked up in a house that may be tough to sell. It isn’t the most liquid asset.”

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“For them, stability isn’t really the desirable outcome when all they know is that there are changes ahead. So, it’s less about knowing they’re going to be in one place and more about knowing that they have the ability to modify their living situation as life changes,” he continued.

White confirmed that going from homeowner to renter has saved her money thus far, and allowed her to invest in more of her passions, like traveling, pottery and jewelry making.

“It’s cheaper actually, like I’m in a one-bedroom apartment… Simplifying my life, it’s definitely less expensive. I don’t need as much,” she said.

“I think there’s nothing worse than kicking around a giant house that you are just having to clean and heat,” White added. “That’s how I felt at the end.”

“Prices are high, mortgages are expensive, markets are very unpredictable. At this point in their lives, they’d rather have the money invested safely than take on that debt and that burden,” Koles chimed in. “I also think just sort of psychologically, older renters now want to live the same as younger renters… They just want to live in a nice, manageable home in a great location.”

White said her new apartment has allowed her to enjoy the present, describing it as “kind of like a retirement community for young people.” Koles said she represents the fading stigma around renting versus owning a home. 

“People 55-plus can be much more concerned with maximizing their wellness and getting the most enjoyment from life when they’re healthy, rather than sort of maintaining a large house in their neighborhood just as a status symbol. Feeling good is going to be more prized than anything,” Koles said.

“The big piece of advice I would say is, if not now, when? Don’t wait, do it now,” White encouraged her cohorts. “Life is an adventure and, like I said, these years are kind of your renaissance… I’ve not been lonely. People can’t wait to come and visit… I’m from a cold place, so everybody’s very excited about coming down here and being warm this winter. So I think my advice to people would be: just do it. Just jump, take a leap.”

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