Our 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:
- New York City, NY (68%)
- Miami, FL (68%)
- Boston, MA (67%)
- Providence, RI (66%)
- 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.
- Nation of Renters: Fewer Americans Now Own Their Own Homes (NBC News)
- A Nation of Renters: Should We Be Worried That Fewer Americans Own Homes? (Time)
- Are we about to become a nation of renters? (Bankrate)
- U.S. to Become A Nation of Renters: Morgan Stanley (The Street)
- Are Investors Turning Us Into a Nation of Renters? (Home Ownership Matters)
- America: A Nation of Renters? (attn:)