The renter rate in the U.S. rose in 50 of the largest metros by 5% from 2006 to 2016, and it doesn’t look to be slowing down anytime soon.
According to Zillow, more than 36% of all U.S. households rent. The percentage has been growing for the last 10 years, and though homeownership has been making a small comeback lately, escalating rents and continually rising home prices are keeping many households on the lease life.
And it looks like it’s going to stay that way for a while.
“The homeownership rate is slowly rising – the most recent data show a sharp surge in young adult homeownership over the past two years – but it will likely take many years, if ever, for it to get back to its lofty pre-recession peaks,” Zillow Senior Economist Aaron Terrazas said in a statement.
In 50 of the largest metros in the country, the share of renters was higher in 2016 than in 2006. In 29 of those 50 metros, most people rent instead of own. This is as opposed to 2006 when only 16 of those cities were majority 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…