Renters Lead they Way in 29 of the 50 Largest Cities in the U.S.
29 of the largest cities in the U.S. have households that are primarily comprised of renters, according to recent numbers from Zillow. Experts believe that home price appreciation and the costs to purchase a home in some of the larger cities have turned prospecting buyers into renters.
"The share of U.S. households that rent surged in the wake of the Great Recession, as millions of families were foreclosed upon and younger adults either chose to or had no choice but to rent for longer," said Aaron Terrazas, Zillow's senior economist, according to National Mortgage News.
"Renting remains more common years after the recession ended and after a historically long national economic expansion."
While home price appreciation is an easy blame for the increase in renters, Terrazas also revealed that lifestyle changes also have a lot to do with the increase.
He believes that young adults are simply delaying marriage and starting families, in addition to moving into urban areas, as opposed to residential suburban areas.
Though the homeownership rate among young adults is not completely dismal. The number of young adults who are becoming homeowners has risen. Unfortunately that growth has been quite slow and the homeownership rate while rising, is still nowhere close to the precession peaks, according to the NMN report.
To learn more about the growing number of renters in some of the largest cities in the U.S., click on the image above.