A new study from RentCafe shows more than 100 zip codes flipped from homeowner majority to renter majority.
November 14, 2022 |
Updated November 14, 2022
With the cost of owning a home rising, some across the U.S. are looking at other alternatives, which includes renting. This phenomenon was reflected in a recent study from RentCafe, which shows 101 zip codes have flipped from homeowner majority to renter majority in the last 10 years.
The share of renter households is at its highest in the past 55 years, with 43.7 million households renting. And while housing costs are increasing, that’s not necessarily the reason for not owning a home: A third of renters this decade are renting by choice.
Renters are a majority of the population in 632 of the 1,553 zip codes reviewed in the 50 largest cities (41%).
Columbus, Ohio (43240) saw the largest increase in renters from 2011 to 2020—a more than 157% jump. Chicago’s 60606 increased by more than 151%; San Antonio’s 78256 changed by more than 132%; and Phoenix’s 85054 (90%) was the only other zip code at or above a 90% increase.
New York City’s 10162; 37228 in Nashville, Tenn.; San Francisco’s 94130; Dallas’ 75251; and 76155 in Fort Worth, Texas, are the zip codes with the highest share of renters at 100%—all relatively small populations with Fort Worth’s the largest at more than 6,300 renters.