Skip to main content

Renter Levels Take a Dramatic Upturn

Aug 08, 2018
When it comes to high-income households, a greater percentage of this money-burdened demographic can be found as renters rather than homeowners

The American Dream is being challenged by a significant increase the number of renter households, according to new data from Zillow.
 
Between 2006 and 2016, the percentage of people who were renting their residences grew from 31 percent to 36 percent, with renters outnumbering homeowners in 29 of the nation’s 50 largest cities. In some cities, the renter domination was considerably lopsided: Almost 70 percent of all households in Miami and New York City and 65 percent of all households in Boston were renters. The rising number of renters corresponded with rising rents: The median rent across the nation is currently $1,440 per month, up 1.3 percent over the past year.
 
"The share of U.S. households that rent surged in the wake of the Great Recession, as millions of families were foreclosed upon and younger adults either chose to or had no choice but to rent for longer," said Zillow Senior Economist Aaron Terrazas. "Renting remains more common years after the recession ended and after a historically long national economic expansion. Some of this shift is attributable to lifestyle choices, including young adults delaying marriage and starting families, and a strong preference for living in urban cores where renting is often more convenient and financially feasible."
The American Dream is being challenged by a significant increase the number of renter households, according to new data from Zillow

 
About the author
Published
Aug 08, 2018
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024