High housing costs in city centers and the new-found flexibility offered by remote work are pushing more renters to suburban areas.
Renters outnumber homeowners in over 200 U.S. suburbs, according to a new report that reveals a shift in the suburban housing market. Andra Hopulele outlines the findings for Point2Home, noting that the number of renters in suburbs has not taken a linear path: “Case in point, the number of renter-dominated suburbs has fallen compared to 2018, when a total of 233 suburbs were renter-majority. But, it remains high given that, traditionally, the suburbs were oases of homeownership away from the renter-majority urban spaces.” In sheer numbers, there are roughly 231,000 more renter households in the suburbs now than in 2018.
According to the report, “Between 2018 and 2023, the number of renter households increased faster in the suburbs than the main city in five of the 20 largest U.S. metros. Dallas was chief among them, with one more metro (Miami) seeing its share of renter households expand at quite similar rates in both the city and its suburbs.” Four of the top five suburbs with the most renter households added were in Texas.
The change is driven by shifts in work patterns, housing affordability (or lack thereof), and a greater availability of rental options in suburban areas. According to Hopulele, “The rise of the renter suburb is not a blip. It’s a fundamental shift in how Americans live and think about housing.”
FULL STORY: The Renter Suburb: Renters Outnumber Owners in 203 Suburbs in Largest U.S. Metros
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