{"id":78298,"date":"2024-08-02T06:00:10","date_gmt":"2024-08-02T13:00:10","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78298"},"modified":"2024-09-27T14:56:00","modified_gmt":"2024-09-27T21:56:00","slug":"renter-household-growth-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/renter-household-growth-2024\/","title":{"rendered":"Renter Nation: America\u2019s Renter Population Is Growing Three Times Faster Than Its Homeowner Population Amid Rise in Homebuying Costs"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The number of renter households grew 1.9% in the second quarter\u2014one of the biggest gains in recent years. The number of homeowner households rose 0.6%\u2014the smallest uptick since 2022.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">America\u2019s renter population is growing as the cost of homeownership climbs; mortgage payments are up 90% from before the pandemic, while asking rents are up 23%.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The affordability crunch isn\u2019t as severe in the rental market because the U.S. has been building a lot of apartments; still, many renters struggle to cover housing costs.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Los Angeles, San Diego and New York have the highest shares of renter households, while Worcester, MA, North Port, FL and Albany, NY have the lowest.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The number of renter households in America grew 1.9% year over year in the second quarter to a record 45.2 million. That\u2019s over three times faster than the number of homeowner households, which grew 0.6% to a record 86.3 million.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The number of renter households grew at the second-fastest pace since 2021, while the number of homeowner households grew at the <\/span><i><span style=\"font-weight: 400;\">slowest<\/span><\/i><span style=\"font-weight: 400;\"> pace since 2019.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-78299\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Picture1-1024x710.png\" alt=\"\" width=\"800\" height=\"555\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Picture1-1024x710.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Picture1-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Picture1-768x532.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Picture1-1536x1065.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Picture1.png 1731w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Growth in the number of renter households hit a peak of 2.8% in the first quarter of 2024. That was the largest gain since 2015.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is based on a Redfin analysis of U.S. Census Bureau data going back to 1994. A renter household is defined as one where the head of the household reports to the Census that they are renting out the property, while a homeowner household is one where the head of household reports they own the property. The number of homeowner and renter households are both at record highs because the U.S. population is at a <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/POPTOTUSA647NWDB\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">record<\/span><\/a><span style=\"font-weight: 400;\"> high.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Renter households have formed faster than homeowner households for three straight quarters, partly because homebuying costs have risen much faster than rents.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The median apartment asking rent increased <\/span><a href=\"https:\/\/www.redfin.com\/news\/rents-fall-in-florida-austin-june-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">less than 1%<\/span><\/a><span style=\"font-weight: 400;\"> year over year in June, while the median monthly mortgage payment jumped roughly 5%. Asking rents were 23% above pre-pandemic (June 2019) levels, while mortgage payments were 90% above pre-pandemic levels. Mortgage payments climbed because home prices hit a <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-purchase-cancellations-june-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">record<\/span><\/a><span style=\"font-weight: 400;\"> high and mortgage rates, while below their recent peak, were more than double the all-time low hit during the pandemic. Homebuying costs did come down a bit in July, that has <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-pending-sales-monthly-payments-down\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">yet to bring<\/span><\/a><span style=\"font-weight: 400;\"> buyers off of the sidelines.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe cost of both renting and buying a home has skyrocketed in recent years, but the affordability crunch isn\u2019t quite as severe in the rental market. That\u2019s because America has been building a lot of apartments to <\/span><a href=\"https:\/\/www.redfin.com\/news\/apartments-rented-slowest-pace-since-2020\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">keep pace<\/span><\/a><span style=\"font-weight: 400;\"> with robust demand from renters,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThe country\u2019s leaders should heed this lesson when considering how to improve affordability in the homebuying market; when there\u2019s more housing to go around, prices don\u2019t increase as fast.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s important to note that while rents aren\u2019t growing as quickly as homebuying costs, finding an affordable place to live is still a challenge for many renters. June\u2019s $1,654 median U.S. asking rent was the highest since October 2022 and only $46 below the all-time high. Nearly <\/span><a href=\"https:\/\/www.redfin.com\/news\/renters-becoming-homeowners-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">two in five<\/span><\/a><span style=\"font-weight: 400;\"> renters don\u2019t think they\u2019ll ever own a home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Renters may be able to find deals in Austin, TX and many parts of Florida, where rents are <\/span><a href=\"https:\/\/www.redfin.com\/news\/rents-fall-in-florida-austin-june-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">falling<\/span><\/a><span style=\"font-weight: 400;\">, but Florida faces intensifying risk from natural disasters and an insurance <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-insurance-survey-report-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">crisis<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3>America Has Been on a Multifamily Building Spree, But That Could Come to an End Soon<\/h3>\n<p><span style=\"font-weight: 400;\">America has added a lot of renter households over the past year\u2014855,000, to be exact. But it also has ramped up construction, which has helped accommodate that rise in demand and limit rent growth. The country is adding new multifamily housing units at an annual rate of 563,000 (as of the second quarter)\u2014the second fastest pace in records dating back to 1994. The fastest pace was in the first quarter of 2024.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-78300\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/FINAL-COMPLETIONS-CHART-RENTERSHIP-1024x710.png\" alt=\"\" width=\"800\" height=\"555\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/FINAL-COMPLETIONS-CHART-RENTERSHIP-1024x710.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/FINAL-COMPLETIONS-CHART-RENTERSHIP-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/FINAL-COMPLETIONS-CHART-RENTERSHIP-768x533.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/FINAL-COMPLETIONS-CHART-RENTERSHIP-1536x1066.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/FINAL-COMPLETIONS-CHART-RENTERSHIP-2048x1421.png 1729w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/FINAL-COMPLETIONS-CHART-RENTERSHIP.png 1730w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">America still faces a housing shortage, but the recent boom in multifamily construction has helped narrow the gap. Multifamily building completions are at historic highs because many projects started during the pandemic housing frenzy are just now being finished. But it\u2019s worth noting that multifamily building permits and starts have <\/span><a href=\"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">slowed<\/span><\/a><span style=\"font-weight: 400;\"> significantly, which could cause asking rents to jump again in the coming years.<\/span><\/p>\n<h3>Over Half of Households In Los Angeles Rent\u2014the Highest Rate in the U.S.<\/h3>\n<p><span style=\"font-weight: 400;\">Nationwide, just over one-third (34.4%) of households in the U.S. are renter households\u2014a figure that has remained fairly steady over time. The share is much higher in coastal metros where it\u2019s expensive to buy a home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Los Angeles has a rentership rate of 53%\u2014the highest among the 75 largest U.S. metropolitan areas. It\u2019s followed by San Diego (52.4%) New York (50.1%), Fresno, CA (49%) and Austin, TX (46.3%). Fresno is the outlier in the group; it\u2019s not nearly as expensive as, say, Los Angeles or San Diego. But over <\/span><a href=\"https:\/\/calmatters.org\/california-divide\/2023\/05\/fresno-drive-economy\/#:~:text=of%20California%20found.-,Fresno%20is%20one%20of%20the%20most%20economically%20distressed%20and%20unequal,and%20the%20United%20States%20overall.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">20%<\/span><\/a><span style=\"font-weight: 400;\"> of residents in Fresno County live below the poverty line\u2014nearly double the statewide share\u2014making it challenging for many people to own a home.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rentership rates are lower than average in parts of the country where it\u2019s more affordable to buy a home. In Worcester, MA, 23.2% of households are renter households\u2014the lowest share among the metros Redfin analyzed. It\u2019s followed by North Port, FL (23.3%), Albany, NY (25.6%), Rochester, NY (25.7%) and Syracuse, NY (26.2%).<\/span><\/p>\n<h3>Metro-Level Rentership Rate Summary: Q2 2024<\/h3>\n<p><i><span style=\"font-weight: 400;\">Table includes 75 largest U.S. metropolitan areas<\/span><\/i><\/p>\n\n<table id=\"tablepress-411\" class=\"tablepress tablepress-id-411\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>U.S. metro area<\/strong><\/th><th class=\"column-2\"><strong>Rentership rate<\/strong><\/th><th class=\"column-3\"><strong>Homeownership rate<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Akron, OH<\/td><td class=\"column-2\">35.1%<\/td><td class=\"column-3\">64.9%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Albany, NY<\/td><td class=\"column-2\">25.6%<\/td><td class=\"column-3\">74.4%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Albuquerque, NM<\/td><td class=\"column-2\">27.7%<\/td><td class=\"column-3\">72.3%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Allentown, PA<\/td><td class=\"column-2\">33.0%<\/td><td class=\"column-3\">67.0%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Atlanta, GA<\/td><td class=\"column-2\">29.0%<\/td><td class=\"column-3\">71.0%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Austin, TX<\/td><td class=\"column-2\">46.3%<\/td><td class=\"column-3\">53.7%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Baltimore, MD<\/td><td class=\"column-2\">30.1%<\/td><td class=\"column-3\">69.9%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Baton Rouge, LA<\/td><td class=\"column-2\">27.8%<\/td><td class=\"column-3\">72.2%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Birmingham, AL<\/td><td class=\"column-2\">33.7%<\/td><td class=\"column-3\">66.3%<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Boston, MA<\/td><td class=\"column-2\">37.2%<\/td><td class=\"column-3\">62.8%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Bridgeport, CT<\/td><td class=\"column-2\">28.2%<\/td><td class=\"column-3\">71.8%<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Buffalo, NY<\/td><td class=\"column-2\">32.8%<\/td><td class=\"column-3\">67.2%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Cape Coral, FL<\/td><td class=\"column-2\">26.3%<\/td><td class=\"column-3\">73.7%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Charleston, SC<\/td><td class=\"column-2\">30.5%<\/td><td class=\"column-3\">69.5%<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">Charlotte, NC<\/td><td class=\"column-2\">35.6%<\/td><td class=\"column-3\">64.4%<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Chicago, IL<\/td><td class=\"column-2\">31.3%<\/td><td class=\"column-3\">68.7%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Cincinnati, OH<\/td><td class=\"column-2\">26.8%<\/td><td class=\"column-3\">73.2%<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Cleveland, OH<\/td><td class=\"column-2\">36.0%<\/td><td class=\"column-3\">64.0%<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">Columbia, SC<\/td><td class=\"column-2\">33.6%<\/td><td class=\"column-3\">66.4%<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">Columbus, OH<\/td><td class=\"column-2\">38.1%<\/td><td class=\"column-3\">61.9%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Dallas, TX<\/td><td class=\"column-2\">38.8%<\/td><td class=\"column-3\">61.2%<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Dayton, OH<\/td><td class=\"column-2\">39.2%<\/td><td class=\"column-3\">60.8%<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Denver, CO<\/td><td class=\"column-2\">35.9%<\/td><td class=\"column-3\">64.1%<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Detroit, MI<\/td><td class=\"column-2\">30.8%<\/td><td class=\"column-3\">69.2%<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">Fresno, CA<\/td><td class=\"column-2\">49.0%<\/td><td class=\"column-3\">51.0%<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Grand Rapids, MI<\/td><td class=\"column-2\">33.3%<\/td><td class=\"column-3\">66.7%<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">Greensboro, NC<\/td><td class=\"column-2\">35.8%<\/td><td class=\"column-3\">64.2%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">Hartford, CT<\/td><td class=\"column-2\">27.2%<\/td><td class=\"column-3\">72.8%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">Honolulu, HI<\/td><td class=\"column-2\">42.5%<\/td><td class=\"column-3\">57.5%<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">Houston, TX<\/td><td class=\"column-2\">39.1%<\/td><td class=\"column-3\">60.9%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Indianapolis, IN<\/td><td class=\"column-2\">30.0%<\/td><td class=\"column-3\">70.0%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Jacksonville, FL<\/td><td class=\"column-2\">31.8%<\/td><td class=\"column-3\">68.2%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Kansas City, MO<\/td><td class=\"column-2\">40.8%<\/td><td class=\"column-3\">59.2%<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\">Knoxville, TN<\/td><td class=\"column-2\">40.2%<\/td><td class=\"column-3\">59.8%<\/td>\n<\/tr>\n<tr class=\"row-36\">\n\t<td class=\"column-1\">Las Vegas, NV<\/td><td class=\"column-2\">41.6%<\/td><td class=\"column-3\">58.4%<\/td>\n<\/tr>\n<tr class=\"row-37\">\n\t<td class=\"column-1\">Little Rock, AR<\/td><td class=\"column-2\">38.8%<\/td><td class=\"column-3\">61.2%<\/td>\n<\/tr>\n<tr class=\"row-38\">\n\t<td class=\"column-1\">Los Angeles, CA<\/td><td class=\"column-2\">53.0%<\/td><td class=\"column-3\">47.0%<\/td>\n<\/tr>\n<tr class=\"row-39\">\n\t<td class=\"column-1\">Louisville, KY<\/td><td class=\"column-2\">35.1%<\/td><td class=\"column-3\">64.9%<\/td>\n<\/tr>\n<tr class=\"row-40\">\n\t<td class=\"column-1\">Memphis, TN<\/td><td class=\"column-2\">34.5%<\/td><td class=\"column-3\">65.5%<\/td>\n<\/tr>\n<tr class=\"row-41\">\n\t<td class=\"column-1\">Miami, FL<\/td><td class=\"column-2\">37.5%<\/td><td class=\"column-3\">62.5%<\/td>\n<\/tr>\n<tr class=\"row-42\">\n\t<td class=\"column-1\">Milwaukee, WI<\/td><td class=\"column-2\">40.5%<\/td><td class=\"column-3\">59.5%<\/td>\n<\/tr>\n<tr class=\"row-43\">\n\t<td class=\"column-1\">Minneapolis, MN<\/td><td class=\"column-2\">32.3%<\/td><td class=\"column-3\">67.7%<\/td>\n<\/tr>\n<tr class=\"row-44\">\n\t<td class=\"column-1\">Nashville, TN<\/td><td class=\"column-2\">30.0%<\/td><td class=\"column-3\">70.0%<\/td>\n<\/tr>\n<tr class=\"row-45\">\n\t<td class=\"column-1\">New Haven, CT<\/td><td class=\"column-2\">31.2%<\/td><td class=\"column-3\">68.8%<\/td>\n<\/tr>\n<tr class=\"row-46\">\n\t<td class=\"column-1\">New Orleans, LA<\/td><td class=\"column-2\">36.8%<\/td><td class=\"column-3\">63.2%<\/td>\n<\/tr>\n<tr class=\"row-47\">\n\t<td class=\"column-1\">New York, NY<\/td><td class=\"column-2\">50.1%<\/td><td class=\"column-3\">49.9%<\/td>\n<\/tr>\n<tr class=\"row-48\">\n\t<td class=\"column-1\">North Port, FL<\/td><td class=\"column-2\">23.3%<\/td><td class=\"column-3\">76.7%<\/td>\n<\/tr>\n<tr class=\"row-49\">\n\t<td class=\"column-1\">Oklahoma City, OK<\/td><td class=\"column-2\">37.7%<\/td><td class=\"column-3\">62.3%<\/td>\n<\/tr>\n<tr class=\"row-50\">\n\t<td class=\"column-1\">Omaha, NE<\/td><td class=\"column-2\">34.1%<\/td><td class=\"column-3\">65.9%<\/td>\n<\/tr>\n<tr class=\"row-51\">\n\t<td class=\"column-1\">Orlando, FL<\/td><td class=\"column-2\">39.3%<\/td><td class=\"column-3\">60.7%<\/td>\n<\/tr>\n<tr class=\"row-52\">\n\t<td class=\"column-1\">Philadelphia, PA<\/td><td class=\"column-2\">30.6%<\/td><td class=\"column-3\">69.4%<\/td>\n<\/tr>\n<tr class=\"row-53\">\n\t<td class=\"column-1\">Phoenix, AZ<\/td><td class=\"column-2\">30.3%<\/td><td class=\"column-3\">69.7%<\/td>\n<\/tr>\n<tr class=\"row-54\">\n\t<td class=\"column-1\">Pittsburgh, PA<\/td><td class=\"column-2\">31.5%<\/td><td class=\"column-3\">68.5%<\/td>\n<\/tr>\n<tr class=\"row-55\">\n\t<td class=\"column-1\">Portland, OR<\/td><td class=\"column-2\">40.2%<\/td><td class=\"column-3\">59.8%<\/td>\n<\/tr>\n<tr class=\"row-56\">\n\t<td class=\"column-1\">Providence, RI<\/td><td class=\"column-2\">35.7%<\/td><td class=\"column-3\">64.3%<\/td>\n<\/tr>\n<tr class=\"row-57\">\n\t<td class=\"column-1\">Raleigh, NC<\/td><td class=\"column-2\">33.8%<\/td><td class=\"column-3\">66.2%<\/td>\n<\/tr>\n<tr class=\"row-58\">\n\t<td class=\"column-1\">Richmond, VA<\/td><td class=\"column-2\">27.7%<\/td><td class=\"column-3\">72.3%<\/td>\n<\/tr>\n<tr class=\"row-59\">\n\t<td class=\"column-1\">Riverside, CA<\/td><td class=\"column-2\">31.6%<\/td><td class=\"column-3\">68.4%<\/td>\n<\/tr>\n<tr class=\"row-60\">\n\t<td class=\"column-1\">Rochester, NY<\/td><td class=\"column-2\">25.7%<\/td><td class=\"column-3\">74.3%<\/td>\n<\/tr>\n<tr class=\"row-61\">\n\t<td class=\"column-1\">Sacramento, CA<\/td><td class=\"column-2\">34.5%<\/td><td class=\"column-3\">65.5%<\/td>\n<\/tr>\n<tr class=\"row-62\">\n\t<td class=\"column-1\">Salt Lake City, UT<\/td><td class=\"column-2\">36.0%<\/td><td class=\"column-3\">64.0%<\/td>\n<\/tr>\n<tr class=\"row-63\">\n\t<td class=\"column-1\">San Antonio, TX<\/td><td class=\"column-2\">40.9%<\/td><td class=\"column-3\">59.1%<\/td>\n<\/tr>\n<tr class=\"row-64\">\n\t<td class=\"column-1\">San Diego, CA<\/td><td class=\"column-2\">52.4%<\/td><td class=\"column-3\">47.6%<\/td>\n<\/tr>\n<tr class=\"row-65\">\n\t<td class=\"column-1\">San Francisco, CA<\/td><td class=\"column-2\">41.8%<\/td><td class=\"column-3\">58.2%<\/td>\n<\/tr>\n<tr class=\"row-66\">\n\t<td class=\"column-1\">San Jose, CA<\/td><td class=\"column-2\">44.8%<\/td><td class=\"column-3\">55.2%<\/td>\n<\/tr>\n<tr class=\"row-67\">\n\t<td class=\"column-1\">Seattle, WA<\/td><td class=\"column-2\">36.2%<\/td><td class=\"column-3\">63.8%<\/td>\n<\/tr>\n<tr class=\"row-68\">\n\t<td class=\"column-1\">St Louis, MO<\/td><td class=\"column-2\">30.6%<\/td><td class=\"column-3\">69.4%<\/td>\n<\/tr>\n<tr class=\"row-69\">\n\t<td class=\"column-1\">Syracuse, NY<\/td><td class=\"column-2\">26.2%<\/td><td class=\"column-3\">73.8%<\/td>\n<\/tr>\n<tr class=\"row-70\">\n\t<td class=\"column-1\">Tampa, FL<\/td><td class=\"column-2\">32.5%<\/td><td class=\"column-3\">67.5%<\/td>\n<\/tr>\n<tr class=\"row-71\">\n\t<td class=\"column-1\">Toledo, OH<\/td><td class=\"column-2\">31.7%<\/td><td class=\"column-3\">68.3%<\/td>\n<\/tr>\n<tr class=\"row-72\">\n\t<td class=\"column-1\">Tucson, AZ<\/td><td class=\"column-2\">35.3%<\/td><td class=\"column-3\">64.7%<\/td>\n<\/tr>\n<tr class=\"row-73\">\n\t<td class=\"column-1\">Tulsa, OK<\/td><td class=\"column-2\">37.6%<\/td><td class=\"column-3\">62.4%<\/td>\n<\/tr>\n<tr class=\"row-74\">\n\t<td class=\"column-1\">Virginia Beach, VA<\/td><td class=\"column-2\">30.2%<\/td><td class=\"column-3\">69.8%<\/td>\n<\/tr>\n<tr class=\"row-75\">\n\t<td class=\"column-1\">Washington, D.C.<\/td><td class=\"column-2\">35.7%<\/td><td class=\"column-3\">64.3%<\/td>\n<\/tr>\n<tr class=\"row-76\">\n\t<td class=\"column-1\">Worcester, MA<\/td><td class=\"column-2\">23.2%<\/td><td class=\"column-3\">76.8%<\/td>\n<\/tr>\n<tr class=\"row-77\">\n\t<td class=\"column-1\"><strong>National\u2014U.S.A.<\/strong><\/td><td class=\"column-2\"><strong>34.4%<\/strong><\/td><td class=\"column-3\"><strong>65.6%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-411 from cache -->\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The number of renter households grew 1.9% in the second quarter\u2014one of the biggest gains in recent years. The number of homeowner households rose 0.6%\u2014the smallest uptick since 2022. America\u2019s renter population is growing as the cost of homeownership climbs; mortgage payments are up 90% from before the pandemic, while asking rents are up 23%. [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":78302,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8,563],"tags":[20,623,645,88],"dashboard":[],"coauthors":[125,115],"class_list":["post-78298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","category-rental-market","tag-housing-affordability","tag-national","tag-rentals-only","tag-renting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Renter Population Is Growing 3 Times Faster Than Homeowner Population<\/title>\n<meta name=\"description\" content=\"America\u2019s renter population is growing as the cost of homeownership climbs; 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