Nearly Half Of America's Largest Cities Are Home To More Renters Than Homeowners
More than 40% of the 100 largest cities in America now hold more renters than homeowners, according to Robb Report.
While rent has increased an average 2.7% since last year, housing prices in major markets have skyrocketed so much that in many areas, especially those with a heavy tech focus like Seattle and San Francisco, purchasing homes is not an option for the majority of the population.
The most recent study conducted by RENTCafé and based on data from the U.S. Census Bureau's American Community Survey, compared numbers in key markets over a 10-year period between 2006 and 2016. While only 20 of those cities were home to a larger percentage of renters in 2006, that number rose to 42 within the decade. Among the cities added to the list are Columbus, Ohio; Detroit; Minneapolis; Chicago; Austin, Texas; and Anaheim, California.
The cities with the most renters overall were Newark and Jersey City, New Jersey, Miami, New York and Boston. In each case, renters accounted for a minimum of two-thirds of the population.
Robb Report attributes the jump in American renters in part to the financial crisis, a trend that had started to level off in 2016.