Renters Outnumber Homeowners in Major Metros

Renters are increasingly making up the the majority of the population in large cities. Of the 11 largest metro areas in the nation, nine core cities had more renters than homeowners, according to a report from New York University’s Furman Center and Capital One Financial Corp. This has increased from just five cities in 2006, due in part to long-term demographic trends and changing attitudes about homeownership. In addition, young professionals cite flexibility, mobility, and lack of savings as reasons to rent.

Houston and Dallas ranked fifth and seventh among the nine cities, with 54% and 53% shares of their populations in rental housing, respectively. Texas’ explosive job growth has led to an influx of young workers, many of whom opt to rent. Economists and developers expect the percentage of renters in most cities to continue to rise, along with rental rates.

Read more at The Wall Street Journal