Renting populace increases three times more than home owners
- Los Angeles had the highest renting rates
- Median U.S. rent in June was $1,654
- That was the highest rate since Oct. 2022
LOS ANGELES, CA – APRIL 24: (TWO-PICTURE PANORAMA) The apartment building at 5800 Harold Way in Los Angeles, CA (foreground) is under rent control. Most people assume rent control in Los Angeles applies to buildings built before 1978 but because of a relatively unknown city law, there are thousands of new buildings that also fall under rent control. Photographed on Harold Way in Los Angeles, CA on Wednesday, April 24, 2024. (Myung J. Chun / Los Angeles Times via Getty Images)
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(NewsNation) — The number of renter households in America grew to a record 45.2 million, a 1.9% increase on last year’s second quarter.
Homeownership grew 0.6% during the same period, according to Redfin research on U.S. census data dating back to 1994.
It is the fastest pace that renting has grown at since 2021, while homeownership rates were the slowest in five years.
The median asking rent across the U.S. in June was $1,654, the highest since Oct. of 2022. It is $46 shy of the all-time rate. Two of five renters do not believe they will ever own a house.
“The cost of both renting and buying a home has skyrocketed in recent years, but the affordability crunch isn’t quite as severe in the rental market. That’s because America has been building a lot of apartments to keep pace with robust demand from renters,” Redfin’s Senior Economist Sheharyar Bokhari said.
“The country’s leaders should heed this lesson when considering how to improve affordability in the homebuying market; when there’s more housing to go around, prices don’t increase as fast.”
Los Angeles (53%), San Diego (52.4%) and New York (50.1%) had the highest renting rates in the nation. Conversely, Worcester, Massachusetts (23,2%), North Port, Florida (23.2%) and Albany, New York (25.6%) had the lowest.
