42 of the largest cities in the US are now dominated by renters
The population in 22 of the 100 largest cities in the US shifted to a majority of renters from homeowners between 2006 and 2016, an analysis by RENTCafé Blog has found.
Based on American Community Survey archives from the US Census Bureau’s public database, the analysis compared the number of people living in renter- and owner-occupied housing units in 2006 and 2016.
The analysis found that the renter population increased by more than 23 million over the period, growing by more than a quarter. Meanwhile, the overall homeowner population increased by less than 700,000 – a virtual standstill compared to the growth in renter population.
Although the US is far from becoming a renter nation, the changes in populations were enough to shift the balance in some of the largest cities that were previously dominated by homeowners. From only 20 out of the 100 largest cities dominated by renters in 2006, there are now 42 such cities.
The analysis found the biggest change in renter share in Toledo, Ohio, where the percentage of renters increased 31.1% over the decade from 38.3% in 2006 to 50.3% in 2016. Memphis, Tenn.; Tampa, Fla.; Hialeah, Fla.; and Stockton, Calif., rounded out of the top five new renter-dominated cities in terms of renter share change.
In other large cities, the renter-homeowner population ratio has changed dramatically, despite the renter population continuing to trail homeowners. The analysis found that all large cities recorded increases in the rentership rate, with only Anchorage, Alaska; Irving, Texas; and Winston-Salem, N.C., posting decreases.
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Based on American Community Survey archives from the US Census Bureau’s public database, the analysis compared the number of people living in renter- and owner-occupied housing units in 2006 and 2016.
The analysis found that the renter population increased by more than 23 million over the period, growing by more than a quarter. Meanwhile, the overall homeowner population increased by less than 700,000 – a virtual standstill compared to the growth in renter population.
Although the US is far from becoming a renter nation, the changes in populations were enough to shift the balance in some of the largest cities that were previously dominated by homeowners. From only 20 out of the 100 largest cities dominated by renters in 2006, there are now 42 such cities.
The analysis found the biggest change in renter share in Toledo, Ohio, where the percentage of renters increased 31.1% over the decade from 38.3% in 2006 to 50.3% in 2016. Memphis, Tenn.; Tampa, Fla.; Hialeah, Fla.; and Stockton, Calif., rounded out of the top five new renter-dominated cities in terms of renter share change.
In other large cities, the renter-homeowner population ratio has changed dramatically, despite the renter population continuing to trail homeowners. The analysis found that all large cities recorded increases in the rentership rate, with only Anchorage, Alaska; Irving, Texas; and Winston-Salem, N.C., posting decreases.
Related stories:
Homebuyers have desire but are they sure about the costs?
New real estate platform allows renters to build equity credit
