However, many are renting in their retirement years.
Most older adults, those at least 65 years old, own their homes, according to the Joint Center for Housing Studies at Harvard University.
Renting in retirement years can be a positive because older people can avoid costly maintenance associated with the upkeep of a home.
"Renting often offers more amenities, less maintenance, more accessibility," said Jennifer Molinsky, director of the housing an aging society program at the Joint Center for Housing Studies.
And unlike younger renters, adult renters in retirement years could be especially vulnerable to rent hikes because they are on fixed income, experts say.
Persons:
Jennifer Molinsky, Roth, Lazetta Rainey Braxton, Braxton
Organizations:
Joint Center for Housing Studies, Harvard University, Finance, CNBC
Locations:
U.S