Number of Renter-Led Households Hits 50-Year High
Digested from Pew Research
More U.S. households are headed by renters than at any point since at least 1965.
The share of households renting their home rose to nearly 37 percent last year from just over 31 percent in 2006, according to an analysis of Census Bureau housing data from Pew Research.
“The total number of households in the United States grew by 7.6 million between 2006 and 2016,” Pew said in the report. “But over the same period, the number of households headed by owners remained relatively flat, in part because of the lingering effects of the housing crisis.”
Overall, the current renting level exceeds the recent high of 36.2 percent, was set in 1986 and 1988. It approaches the rate of 37.0 percent in 1965.
Pew says the trend toward renting grew across educational levels and across all major racial and ethnic groups. While young adults are still most likely to rent, Pew said rental rates also “have risen notably” among those ages 35 to 44.
Even some cohorts of older American are renting more.
“Rental rates also went up among households headed by someone ages 45 to 64, rising from 22 percent of households in 2006 to 28 percent in 2016,” Pew said in the report. “But among the oldest Americans – those 65 or older – the rental rate remained steady at around 20 percent.”