The number of higher-income rental households has doubled in the last decade, and that trend will likely increase in the coming years as more baby boomers downsize. They can afford to buy homes... they just don't want to.
According to CNBC, older and wealthier Americans are ditching the American Dream to achieve flexibility. Some want the ability to travel and not be anchored down by a home, while others simply want to be able to follow their children and grandchildren as they move.
Additionally, the responsibilities of home ownership, including costly updates, repairs and maintenance, can be overwhelming. Who wants to spend their retirement focusing on the hassles of property management?