realestate

Rethinking Retirement: The Rise of Senior Home Renters

Philadelphia area sees surge in renters aged 65+, while a Delaware County home wins HGTV's 'Ugliest House in America'

G
oing to Nana and Poppop's house might look a little different for your kids or grandkids. That "house" could be an apartment, as people aged 65 and up are the fastest-growing population of renters in the Philly region. Their children and grandchildren are also joining them, with those aged 55-64 coming close behind.

    So why are older adults renting instead of owning homes? For some, it's a matter of convenience. Ken Mann, 73, moved into an apartment near his granddaughters' school so he could be closer to them. "I like to travel," he said. "I'm a single guy." He realized that owning a home was no longer the right fit for him.

    Others are renting by choice. An 83-year-old renter I spoke with said her kids encouraged her to move closer to them, while a middle-aged renter has no plans to leave her apartment. As demand from older adults grows, developers are trying to keep up. Keep reading to learn more about the trends and how they're adapting.

    In other news, an Upper Darby house won HGTV's Ugliest House in America competition after its owner, Justine Mays, bought it "as-is" for $184,000. The home's unique features included cigar boxes wallpapered in the sunroom and a grill bolted to the outside of the second floor.

    The upper floors of Wildwood's Shamrock bar were moved and rebuilt into a 10-bedroom house that's now for sale. Meanwhile, neighbors are fighting against plans to build $11 million worth of trailer classrooms at Lincoln High School to relieve overcrowding.

    In South Philly, newlyweds Jordana Swartz and Dan Spellacy have been fixing up their rowhouse with secondhand finds from thrift stores and street sales. They're planning to tackle the kitchen and bathroom next.

Senior citizens renting homes, redefining retirement in urban areas nationwide slowly.