{"id":78804,"date":"2024-11-05T05:00:13","date_gmt":"2024-11-05T13:00:13","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78804"},"modified":"2025-01-02T12:13:28","modified_gmt":"2025-01-02T20:13:28","slug":"renter-household-growth-q3-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/renter-household-growth-q3-2024\/","title":{"rendered":"The Number of Renter Households is Growing Three Times Faster Than Homeowner Households"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The number of renter households grew 2.7% in the third quarter, the second biggest year-over-year gain since 2015. The number of homeowner households grew 0.9%.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Renter households have formed faster than homeowner households for the past four quarters as the cost of buying a home rose faster than the cost of renting.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The national rentership rate remained steady at 34.4%.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">San Jose, CA, Los Angeles and New York have the highest shares of renter households, while Cape Coral, FL, Charleston, SC and Columbia, SC have the lowest.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The number of renter households rose 2.7%, in the third quarter year over year, to a record 45.6 million. That\u2019s three times faster than the 0.9% increase in homeowner households, which now total a record 86.9 million.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The 2.7% increase\u2014representing 1.18 million additional renter households\u2014 was the second fastest pace since 2015, only trailing the first quarter\u2019s 2.8% rate.\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-iNMIW\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Renter Households Growing Three Times Faster Than Homeowner Households\" src=\"https:\/\/datawrapper.dwcdn.net\/iNMIW\/1\/\" height=\"566\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/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\"><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 the past four quarters as the cost of buying a home rose faster than the cost of renting.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The median asking rent was <\/span><a href=\"https:\/\/www.redfin.com\/news\/rental-tracker-september-2024\/\"><span style=\"font-weight: 400;\">up 0.6%<\/span><\/a><span style=\"font-weight: 400;\"> year over year in September, but rents have remained largely flat for the past two years\u2014becoming more affordable as wages grew at around <\/span><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1ttck\"><span style=\"font-weight: 400;\">4%<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In contrast, home prices <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-price-index-september-2024\/\"><span style=\"font-weight: 400;\">climbed 6%<\/span><\/a><span style=\"font-weight: 400;\"> year over year in September and have grown more than 10% in the past two years. Highlighting the affordability barriers that exist for prospective homeowners, just <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-sales-turnover-2024\/\"><span style=\"font-weight: 400;\">2.5%<\/span><\/a><span style=\"font-weight: 400;\"> of U.S. homes changed hands in the first eight months of 2024\u2014the lowest rate in decades.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAffordable housing has been at the forefront of this election cycle because so many people are struggling to see how they will ever become homeowners\u2014especially those from younger generations, \" said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cWith home prices at <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-price-index-september-2024\/\"><span style=\"font-weight: 400;\">record highs<\/span><\/a><span style=\"font-weight: 400;\"> and mortgage rates remaining elevated, renting is increasingly the only viable choice for many young people and families. Building more homes will help address that, but we also have to recognize that Gen Z and future generations may not view homeownership as a life goal and the rentership rate may continue to rise for years to come.\u201d<\/span><\/p>\n<h2><b>New multifamily units are being completed at a record pace<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Part of the reason rents have remained stable\u2014and renting has become more attractive to many\u2014is the boom in multifamily construction over the past two years. The country is adding new multifamily housing units at an annual rate of 647,000 (as of the third quarter)\u2014the fastest pace in records dating back to 1994.\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-Xk3ff\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Multifamily Housing Units Are Being Added At The Fastest Pace On Record\u00a0\" src=\"https:\/\/datawrapper.dwcdn.net\/Xk3ff\/1\/\" height=\"442\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">The recent boom in multifamily construction helped meet surging demand in some areas\u2014especially in Sun Belt states\u2014but builders are now pumping the brakes. Permits to build multifamily housing units were down <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/PERMIT5\"><span style=\"font-weight: 400;\">16%<\/span><\/a><span style=\"font-weight: 400;\"> year over year in September, and down 47% from the post-pandemic high in February 2023\u2014which was the highest mark in nearly 40 years.<\/span><\/p>\n<h2><b>More than half the households in San Jose and Los Angeles rent<\/b><\/h2>\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 the same for the past three quarters.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The rentership share is highest in metros in California and in New York City, where homes are generally more expensive to buy. San Jose, CA has a rentership rate of 52%, the highest among the 75 largest U.S. metropolitan areas. It\u2019s followed by Los Angeles (50.8%), New York (49.1%), San Diego (48%) and Fresno, CA (47.4%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rentership rates are lower in metros where, historically, it\u2019s been more affordable to buy a home. In Cape Coral, FL, 21.8% of households are renter households\u2014the lowest share among the metros Redfin analyzed. It\u2019s followed by Charleston, SC (23.7%), Columbia, SC (24.5%), Allentown, PA (27.2%) and Detroit (28.2%).<\/span><\/p>\n<h2><b>Metro-Level Rentership Rate Summary: Q3 2024<\/b><\/h2>\n<p><i><span style=\"font-weight: 400;\">Table includes 75 largest U.S. metropolitan areas<\/span><\/i><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>Rentership rate<\/b><\/p>\n<p><b>(Q3 2024)<\/b><\/td>\n<td><b>Rentership rate<\/b><\/p>\n<p><b>(Q3 2023)<\/b><\/td>\n<td><b>Homeownership rate (Q3 2024)<\/b><\/td>\n<td><b>Homeownership rate (Q3 2023)<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Akron, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">65.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Albany, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">71.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">64.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Albuquerque, NM<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">69.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Allentown, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">72.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">75.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">69.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">73.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baton Rouge, LA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Birmingham, AL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">69.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">58.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Bridgeport, CT<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">66.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">66.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Buffalo, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">61.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">61.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cape Coral, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">78.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">86.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charleston, SC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">76.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">58.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">62.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">65.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">71.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">64.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbia, SC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">75.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">72.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">59.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">58.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">61.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">61.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dayton, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">59.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">64.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">71.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">74.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fresno, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">47.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">52.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Grand Rapids, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">65.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">64.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Greensboro, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">61.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">61.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Hartford, CT<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">66.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">61.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">62.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">72.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">75.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Kansas City, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">66.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">62.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Knoxville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">62.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">64.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">57.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">57.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Little Rock, AR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">58.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">59.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">50.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">49.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">49.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">50.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Louisville, KY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">71.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Memphis, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">46.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">53.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">61.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">61.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">59.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">75.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">72.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Haven, CT<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">65.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Orleans, LA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">66.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">49.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">48.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">50.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">51.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">North Port, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">65.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oklahoma City, OK<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">64.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Omaha, NE<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">71.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">56.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">69.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">71.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">71.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">64.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">62.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Raleigh, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">69.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">72.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Richmond, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">66.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">71.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rochester, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">62.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">61.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">63.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Salt Lake City, UT<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">57.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">63.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Antonio, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">65.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">65.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">48.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">47.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">52.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">52.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">45.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">57.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">54.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">52.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">46.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">48.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">53.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">62.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">63.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St Louis, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Syracuse, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">62.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">62.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Toledo, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">69.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">78.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tucson, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">71.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">74.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tulsa, OK<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">64.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Urban Honolulu, HI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">64.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">63.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">63.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">64.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Worcester, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">68.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">66.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>National\u2014U.S.A.<\/b><\/td>\n<td><b>34.4%<\/b><\/td>\n<td><b>34%<\/b><\/td>\n<td><b>65.6%<\/b><\/td>\n<td><b>66%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The number of renter households grew 2.7% in the third quarter, the second biggest year-over-year gain since 2015. The number of homeowner households grew 0.9%. Renter households have formed faster than homeowner households for the past four quarters as the cost of buying a home rose faster than the cost of renting.\u00a0 The national rentership [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":72441,"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":[563],"tags":[20,623,88],"dashboard":[],"coauthors":[682],"class_list":["post-78804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rental-market","tag-housing-affordability","tag-national","tag-renting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Renter Households Are Growing 3 Times Faster Than Homeowner Households<\/title>\n<meta name=\"description\" content=\"The number of renter households rose 2.7%, in the third quarter year over year, to a record 45.6 million. That\u2019s three times faster than the 0.9% increase in homeowner households, which now total a record 86.9 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/renter-household-growth-q3-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Number of Renter Households is Growing Three Times Faster Than Homeowner Households\" \/>\n<meta property=\"og:description\" content=\"The number of renter households rose 2.7%, in the third quarter year over year, to a record 45.6 million. 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