Why is America Becoming a Nation of Renters?

Written on April 13, 2015 by , updated on March 21, 2016

Nation of RentersOur friends at the PM Guardian did some excellent research on why America is becoming a nation of renters.

The most notable facts are:

  • 5 million renters enter the market from 2005 to 2012
  • 43 million renters in the US (2013)

The top 5 cities with the most renters are:

  1. New York City, NY (68%)
  2. Miami, FL (68%)
  3. Boston, MA (67%)
  4. Providence, RI (66%)
  5. San Francisco, CA (64%)

As a landlord, I couldn’t be happier, because my customer base is increasing. But as a citizen, living in an economy primarily founded on home ownership, it concerns me that fewer people are using property to build equity and save for retirement.

Are we becoming a nation of renters by choice, or are the few property investors buying more properties, thereby helping the rich get richer?

The infographic below shows a detailed timeline of the catalytic events that have triggered this shift from homeownership to renting.

I’d love to hear your thoughts and theories on this – please let me know in the comments section.

Related Reading:

Source: PM Guardian

renters-infographic

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