Renter Households Growing 3x Faster Than Homeowner Households

A recent report from Redfin says the number of renter households rose 2.7% in Q3, year over year, to a record 45.6 million. They say that’s 3x faster than the 0.9% increase in homeowner households, which now total a record 86.9 million.  In addition, they point out that The 2.7% increase (representing 1.18 million additional renter households) was the second fastest pace since 2015.  To get their conclusions, they analyzed U.S. Census Bureau data back to 1994.

Some key points:

• 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. 
• The national rentership rate remained steady at 34.4%.

Click here to read the full report at Redfin.

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