Forty-one percent in Phoenix are renters; more than half in LA, NY, SF
You might take for granted that cities are renter hubs while more rural areas are where the homeowners reside. Considering cities’ limited space and transient career-chasers not looking for the long-term commitment of a home, that’s a fair guess. Yet, of more than 400 urbanized areas around the country with a population greater than 100,000, just 21 are composed of at least 50% renters, according to data from the U.S. Census’ 2015 American Community Survey.
And that number appears to be poised to grow. As the Pew Research Center reports, the number of homeowners swapping deeds for leases continues to increase, with 3 million making the switch in 2011, compared with 2.5 million in 2001.
So what makes a renter-dominated city? A new study by Abodo looks at where the renter-majority cities are, who makes up their renter population, and what could be driving the uptick.
Some of the cities on this list are no great surprise. It will raise no eyebrows, for example, that most housing units (53.9%) in the Los Angeles area are rented, not owned. While Phoenix doesn’t make the cut of the top 21 urban centers with a majority renter population, it’s getting close. Nearly 41 percent of the Phoenix population rented in 2015.
Explore findings from the full report at Abodo.com.