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When Renters Take Over
According to analysis of U.S. Census Bureau data by Bloomberg, renters are now outnumbering homeowners in most major U.S. cities. Out of 100 of the largest cities, 52 of them have more renters (2015 data).
The growing rental pool stems from a variety of factors: a tight housing market following the Great Recession; the fact that millennials are moving out of their parents homes; and an uptick in the Hispanic population. Since 2009, 21 cities, including San Diego and Detroit, have shifted into this trend of renting over ownership.
Although the second half of 2016 saw an uptick in home ownership, the Urban Institute analyzed demographic data suggesting that the renting population will continue to grow through 2030, as baby boomers also downsize to rent. Another factor discouraging ownership is housing inventory, as less than one million new homes have come onto the market so far in 2017.
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