Skip to main content

Renter Levels Take a Dramatic Upturn

Phil Hall
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

 
Published
Aug 08, 2018
CFPB, DOJ And OCC Hit Trustmark National Bank For 'Deliberate' Redlining

The Consumer Financial Protection Bureau and U.S. Department of Justice, in conjunction with the Office of the Comptroller of the Currency are taking action against Trustmark National Bank for alleged redlining violations.

Industry News
Oct 25, 2021
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021
New American Funding Hires Regional Manager

Mark Tribuna will lead effort to expand company's partnership with affordable nonprofit builders in mid-Pacific region

Industry News
Oct 21, 2021