Number of U.S. Renters Passes 100M in Last Decade
NEW YORK – A decade after the Great Depression, the economic landscape has changed significantly. RentCafé, a nationwide internet listing service, claims renter rates have climbed across the country as more and more Americans now choose to rent instead of own.
According to the company’s decade report, the renter population became more than 100 million strong after a decade of sustained growth, as the number of American renters reached 108.5 million in 2018, up from 99.4 million in 2010.
The company claims there are 74% more renters today than there were in 1960, with their numbers growing by 46 million since that time period.
Renters make up 34% of America’s general population; and on a national level, the number of renters has increased two times faster than the number of homeowners since 2010, climbing by 9.1% and 4.3%, respectively.
By 2019, 20 U.S. cities made the switch from a homeowner majority to a renter majority, pushing the share of renter-majority U.S. cities from 28% to 32%, according to the company.
As renting becomes a more popular option for housing regardless of age and income, RentCafé data shows more wealthy Americans choose renting over owning. According to the company, the number of renting households that earn more than $150,000 per year has increased two times faster than the number of high-earning homeowner households since 2010, rising 156% and 78%, respectively.
Source: HousingWire (12/18/19) Lloyd, Alcynna
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