If you feel like everyone you know is a renter and the concept of homeownership seems like something you only hear about friends of friends of friends doing, perhaps it has to do with your location. RentCafe recently wrote a report on the increase of renters in major US cities, focusing on those where renters now outnumbered home owners.
Looking at census data, they were able to see some surprising renter versus owner patterns across the U.S. between 2006-2016. This time frame allows for them to look at the immediate after effects of the recession and the years following where trends tended to even out.
While most “coveted market” cities like New York, Boston, and Oakland were already were already renter dominated, in the 10 years the study covers, smaller cities saw the greatest shift. “Back in 2006, only 20 out of the 100 largest cities had more renters than owners. A decade was enough to boost the number of renter-dominated cities to 42,” the report reads.
The biggest increases in renters over the past decade included Toledo, OH; Memphis, TN; and Tampa, FL. Even cities like Chicago and Honolulu—where the total population decreased—saw a shift towards more people renting.
We may, however, be approaching the end of this trend. 2016 saw pre-recession numbers, with renter numbers tapering off and ownership increasing by 0.09%.
Read more over on RentCafe.