Since 2010, the number of renters has jumped by more than 9 million. Renting has grown particularly popular with seniors and high earners
The beginning of a new decade is almost upon us, and according to the latest data, we’ll enter it with a resurging demand for renting.
Growth of the renter population has outpaced that of homeowning Americans, too. According to Census data, renter households increased 9.1% over the last decade, while homeowner households rose a mere 4.3%. According to RENTCafe’s Irina Lupa, the trends signal a change in the “relationship” Americans have with housing.
The national homeownership rate currently sits at 64.8%, down from 67.1% at the start of the decade and around the same rate as we saw in the mid-90s. Homeownership hit its heyday in 2004, when it peaked at 69.1%.
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