Renters Spent $4.5T on Housing During the 2010s

Dec 12, 2019

Renters spent a cumulative $4.5 trillion for their housing during the 2010s, according to a new data analysis released by Zillow. For 2019, renters spent more than $512 billion on housing, the highest level of the decade and a 46.5 percent increase from 2009.

Zillow added the cumulative national rent spending was greater than the gross domestic product for Germany and also greater than the combined market values of Apple, Microsoft, Amazon and Alphabet. The current median rent is $1,600 per month, up 2.3 percent year-over-year, The markets where residents spent the most on rent during the past decade were New York City ($506.9 billion), Los Angeles ($345.9 billion) and San Francisco ($141.1 billion).

"While the total amount of rent paid has increased each year this decade, that trend is by no means immutable," said Zillow Group Economist Joshua Clark. "With rental appreciation expected to decrease in the coming year and a homeownership rate that has been ticking up over the past few years, a small or even negative change in total rental spending could be in the cards in the early 2020s."

About the author

Phil Hall

Link copied

Published

Dec 12, 2019

People On The Move

Figure Technology Solutions Names Michael Tannenbaum New CEO

Founder and former CEO, Mike Cagney, assumes the role of executive chairman.

Figure Technology Solutions (FTS), parent company of five-days-to-close HELOC originator, Figure Lending, announced today the appointment of Michael Tannenbaum as chief executive officer (CEO) and a member of the Board of Directors. Co-founder and previous CEO of the company...

Analysis and Data

Monthly, Yearly Jump In New Home Sales In March

The growth coincides with roughly a quarter of builders saying they cut prices last month.

Sales of newly built, single-family homes in March jumped 8.8% month-over-month, reaching a seasonally adjusted annual rate of 693,000 units compared to February's revised 637,000 units, according to data released jointly today by the U.S. Census Bureau and the Department of...