According to a recent Redfin analysis, the number of renter households grew by 1.9% year over year in Q2 2024, reaching a record 45.2 million. This growth rate is more than three times faster than the increase in homeowner households, which rose by 0.6% to a record 86.3 million. The surge in renter households is partly due to rising homebuying costs—mortgage payments have increased by 90% since before the pandemic, while asking rents have gone up by 23%1. It’s clear that affordability challenges are impacting the housing market, making renting a more viable option for many Americans.
BREAKING: The US Renter population is rising 3 TIMES faster than the homeowner population, according to Redfin analysis.
The number of households renting a home increased by 1.9% year-over-year in Q2 2024, to a new record of 45.2 million, the second-largest jump since 2021.
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— The Kobeissi Letter (@KobeissiLetter) August 18, 2024
Sources:
www.redfin.com/news/renter-household-growth-2024/
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