Renters Spent $504B on Housing in 2018 – NMP Skip to main content

Renters Spent $504B on Housing in 2018

Phil Hall
Dec 21, 2018
ingle-family rents increased by 2.9 percent year-over-year in February, according to new data from CoreLogic

U.S. households spent a record amount on rent in 2018, according to a new data analysis from the Zillow company HotPads.
 
During this year, renters spent a cumulative total of $504.4 billion on their housing—$12.6 billion more than the 2017 level. The current median rent is $1,475, up three percent from last year. However, there were fewer people renting: Roughly 43.2 million renter households, nearly 100,000 fewer than in 2017.
 
"After several years of a booming economy, more millennials became financially able to become home owners in 2018," said Joshua Clark, Economist at HotPads. "However, rent affordability continues to be a challenge, as those who still rent are paying even higher prices now than they were a year ago. If interest rates continue rising in 2019, more would-be homebuyers may decide to continue renting, which could put additional pressure on rent prices. Fortunately for renters, the housing market is also cooling nationwide, signaling that the entire market may be leveling off and making it easier for renters to keep up with housing expenses."

 
Published
Dec 21, 2018
Blend Labs Has Cut 420 Jobs Since April

The 25% reduction of its workforce comes as it posts $478 million Q2 loss.

Industry News
Aug 17, 2022
UWM Now Offering Temporary Rate Buydowns

The temporary buydowns will lower borrowers’ interest rates by up to 2% for the first two years of a mortgage. 

Industry News
Aug 17, 2022
Rocket Mortgage Teams With Santander Bank

Rocket's mortgage services now available to Santander's U.S. banking clients

Industry News
Aug 16, 2022
Ameris Bank Commits $10M To Help 1st-Time Homebuyers

The Ameris Down Payment Grant Program will help eligible first-time buyers with down payments and closing costs.

Industry News
Aug 16, 2022
Competition Now Highest For Lowest-Priced Homes

In reverse of pandemic trend, competition for mid- and high-priced homes not as white hot among buyers.

Analysis and Data
Aug 16, 2022
Impac Mortgage Slashes Staffing Levels By 48%

From 330 in 4Q 2021, headcount now stands at 170 for California lender

Non-QM
Aug 15, 2022