Redfin Report: America’s Renter Population Grew 1% in the Fourth Quarter
That marks the first time in over a year that the number of renter and homeowner households are increasing at the same rate. Prior to this, the number of renter households had been growing faster for four-straight quarters.
Home prices are more than
“Owning a home used to be the crux of the American dream, and while many still consider it a rite of passage, a lot of people are opting to rent for longer because they can’t afford to buy a place of their own,” said Redfin Chief Economist Daryl Fairweather. “Even people who can afford to buy homes are choosing leases over mortgages, often because they want a flexible, low-maintenance lifestyle, or want to invest their money somewhere other than real estate. Affluent renters have become more common in nearly three-quarters of major metros since 2019.”
There Are Only Two Metros Where Renters Are the Majority
Just over one-third (
In
Rentership rates tend to be highest in places where it’s expensive to buy a home. All but two of the aforementioned metros (
Renting is least common in places with relatively low home sale prices. In
This is based on a Redfin analysis of
To view the full report, including charts and metro-level data, please visit: https://www.redfin.com/news/rentership-rate-q4-2024
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250319966737/en/
Contact Redfin
Redfin Journalist Services:
Kenneth Applewhaite
press@redfin.com
Source: Redfin