Renters are increasing 3x faster than homeowners—homeownership is now a luxury.

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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.

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Sources:

www.redfin.com/news/renter-household-growth-2024/

www.coloradoboulevard.net/americas-renter-population-is-growing-three-times-faster-than-its-homeowner-population/

www.multifamilyexecutive.com/property-management/rent-trends/the-share-of-renters-is-growing-three-times-faster-than-homeowners_o

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