Redfin Report: America’s Renter Population Is Growing Three Times Faster Than Its Homeowner Population Amid Rise in Homebuying Costs
Redfin's latest report reveals a significant shift in America's housing landscape. The number of renter households grew 1.9% year-over-year to a record 45.2 million in Q2 2024, outpacing homeowner household growth by three times. This trend is attributed to rising homebuying costs, with mortgage payments 90% above pre-pandemic levels compared to a 23% increase in asking rents.
Key findings include:
- Renter households have grown faster than homeowner households for three consecutive quarters
- Median apartment asking rent increased less than 1% year-over-year in June
- Median monthly mortgage payment jumped roughly 5%
- Los Angeles has the highest rentership rate at 53% among the 75 largest U.S. metros
- Worcester, MA has the lowest rentership rate at 23.2%
Il recente rapporto di Redfin rivela un significativo cambiamento nel panorama abitativo americano. Il numero di famiglie in affitto è cresciuto del 1,9% su base annua, raggiungendo un record di 45,2 milioni nel secondo trimestre del 2024, superando la crescita delle famiglie di proprietari di tre volte. Questo trend è attribuito ai crescenti costi dell'acquisto di case, con i pagamenti del mutuo che sono aumentati del 90% rispetto ai livelli pre-pandemia, rispetto a un aumento del 23% degli affitti richiesti.
Le principali scoperte includono:
- Le famiglie in affitto sono cresciute più rapidamente rispetto a quelle di proprietari per tre trimestri consecutivi
- L'affitto medio degli appartamenti è aumentato di meno dell'1% su base annua a giugno
- Il pagamento medio mensile del mutuo è aumentato di circa il 5%
- Los Angeles ha il tasso di locazione più alto, pari al 53%, tra le 75 metropoli più grandi degli Stati Uniti
- Worcester, MA ha il tasso di locazione più basso, pari al 23,2%
El último informe de Redfin revela un cambio significativo en el panorama de la vivienda en América. El número de hogares inquilinos creció un 1,9% en comparación con el año anterior, alcanzando un récord de 45,2 millones en el segundo trimestre de 2024, superando el crecimiento de hogares propietarios por tres veces. Esta tendencia se atribuye a los crecientes costos de compra de vivienda, con los pagos de hipoteca un 90% por encima de los niveles anteriores a la pandemia en comparación con un aumento del 23% en los alquileres solicitados.
Los hallazgos clave incluyen:
- Los hogares inquilinos han crecido más rápido que los hogares propietarios durante tres trimestres consecutivos
- El alquiler medio de apartamentos aumentó menos del 1% interanual en junio
- El pago medio mensual de la hipoteca saltó aproximadamente un 5%
- Los Ángeles tiene la tasa de arrendamiento más alta, con un 53%, entre las 75 áreas metropolitanas más grandes de EE. UU.
- Worcester, MA tiene la tasa de arrendamiento más baja, del 23,2%
레드핀의 최신 보고서는 미국 주택 시장의 중요한 변화를 보여줍니다. 세입자 가구 수가 전년 대비 1.9% 증가하여 2024년 2분기에 4,520만 가구로 기록을 세웠으며, 이는 주택 소유자 가구의 성장률보다 세 배 빠른 속도입니다. 이 변화는 주택 구매 비용 상승에 기인하며, 모기지 지불금은 팬데믹 이전 수준보다 90% 증가했습니다. 반면, 요구되는 임대료는 23% 상승했습니다.
주요 발견 사항은 다음과 같습니다:
- 세입자 가구는 세 분기 연속으로 주택 소유자 가구보다 더 빠르게 성장했습니다
- 2024년 6월 아파트의 중간 요구 임대료는 전년 대비 1% 미만으로 증가했습니다
- 중간 월 모기지 지불액이 약 5% 상승했습니다
- 로스앤젤레스는 미국 75대 대도시 중 세입자 비율이 53%로 가장 높습니다
- 우스터, MA는 세입자 비율이 23.2%로 가장 낮습니다
Le dernier rapport de Redfin révèle un changement significatif dans le paysage immobilier américain. Le nombre de ménages locataires a augmenté de 1,9 % d'une année sur l'autre, atteignant un record de 45,2 millions au deuxième trimestre 2024, dépassant la croissance des ménages propriétaires par trois fois. Cette tendance est attribuée à la hausse des coûts d'achat immobilier, les paiements hypothécaires étant 90 % supérieurs aux niveaux d'avant la pandémie, par rapport à une augmentation de 23 % des loyers demandés.
Les principales conclusions incluent :
- Les ménages locataires ont crû plus rapidement que les ménages propriétaires pendant trois trimestres consécutifs
- Le loyer moyen des appartements a augmenté de moins de 1 % d'une année sur l'autre en juin
- Le paiement mensuel hypothécaire médian a augmenté d'environ 5 %
- Los Angeles affiche le taux de location le plus élevé à 53 % parmi les 75 plus grandes métropoles américaines
- Worcester, MA affiche le taux de location le plus bas, à 23,2 %
Der neueste Bericht von Redfin zeigt einen bedeutenden Wandel in der amerikanischen Wohnlandschaft. Die Anzahl der Familien, die zur Miete wohnen, ist im Jahresvergleich um 1,9 % gewachsen und hat im 2. Quartal 2024 einen Rekord von 45,2 Millionen erreicht, was das Wachstum der Hausbesitzerhaushalte um das Dreifache übersteigt. Dieser Trend wird auf die steigenden Kosten für den Hauskauf zurückgeführt, wobei die Hypothekenzahlungen um 90 % über dem Niveau vor der Pandemie liegen, im Vergleich zu einem Anstieg der Angebotsmieten um 23 %.
Zu den wichtigsten Ergebnissen gehören:
- Die Mieterhaushalte sind in den letzten drei aufeinanderfolgenden Quartalen schneller gewachsen als die Hausbesitzerhaushalte
- Die mittlere Angebotsmiete für Wohnungen stieg im Juni um weniger als 1 % im Jahresvergleich
- Die durchschnittliche monatliche Hypothekenzahlung stieg um etwa 5 %
- Los Angeles hat mit 53 % die höchste Mieterquote unter den 75 größten US-Metropolen
- Worcester, MA hat mit 23,2 % die niedrigste Mieterquote
- Record growth in renter households, indicating strong demand in the rental market
- Multifamily housing construction at near-record pace, helping to accommodate rising demand
- Slower rent growth compared to mortgage payments, potentially attracting more renters
- Slowing growth in homeowner households, potentially impacting Redfin's core business
- Significant slowdown in multifamily building permits and starts, which could lead to future rent increases
- Continued affordability challenges in both rental and homebuying markets
Insights
This report from Redfin reveals significant shifts in the U.S. housing market, with potential implications for investors and the real estate sector. The 1.9% year-over-year growth in renter households, outpacing homeowner household growth by a factor of three, signals a notable trend in housing preferences and affordability.
Key factors driving this trend include:
- Skyrocketing homebuying costs: The
90% increase in mortgage payments above pre-pandemic levels, compared to a23% rise in rents, has made homeownership increasingly unattainable for many. - Robust multifamily construction: The annual rate of 563,000 new multifamily units has helped accommodate rising rental demand and temper rent growth.
- Regional variations: Coastal metros like Los Angeles, San Diego and New York show the highest rentership rates, reflecting local economic conditions and housing affordability challenges.
However, investors should note potential headwinds:
- The slowdown in multifamily building permits and starts could lead to future rent increases as supply tightens.
- Nearly two in five renters don't anticipate ever owning a home, which may have long-term implications for wealth distribution and economic stability.
This shift towards renting could present opportunities for investors in multifamily properties and REITs focused on rental markets, particularly in high-demand urban areas. However, the potential for market saturation and changing economic conditions should be carefully monitored.
The Redfin report highlights a critical juncture in U.S. urban development and housing policy. The surge in renter households, growing at
Key urban planning implications include:
- Density and infrastructure: The concentration of renters in coastal metros necessitates reassessment of urban density policies and infrastructure planning to accommodate changing demographics.
- Affordable housing initiatives: With nearly 40% of renters pessimistic about future homeownership, cities must prioritize long-term affordable housing solutions beyond just rental units.
- Sustainable development: The multifamily construction boom presents an opportunity to implement green building practices and create more sustainable urban environments.
The report also reveals potential challenges:
- Geographic disparities: The stark contrast in rentership rates between coastal (e.g., Los Angeles at
53% ) and inland areas (e.g., Worcester, MA at23.2% ) may exacerbate regional economic inequalities. - Natural disaster resilience: The mention of Florida's insurance crisis and natural disaster risks highlights the need for climate-resilient urban planning, especially in vulnerable coastal areas.
Urban planners and policymakers should view this shift as a call to action, focusing on creating diverse, resilient and inclusive urban environments that can adapt to changing housing preferences and economic realities. This may include revisiting zoning laws, investing in public transportation and developing mixed-use communities that cater to both renters and homeowners.
The Redfin report unveils significant economic trends that demand attention from policymakers and economic strategists. The divergence between renter and homeowner household growth rates signals a potential shift in wealth accumulation patterns and economic stability.
Key economic policy considerations:
- Housing affordability crisis: The
90% increase in mortgage payments above pre-pandemic levels, compared to a23% rise in rents, indicates a severe affordability gap in homeownership that could exacerbate wealth inequality. - Labor market mobility: The rise in renter households may increase labor market flexibility, allowing workers to relocate more easily for job opportunities.
- Monetary policy implications: The Federal Reserve's interest rate decisions have a direct impact on mortgage rates and, consequently, on the homeownership vs. renting decision.
Policy recommendations to address these issues could include:
- Targeted homeownership assistance programs to bridge the affordability gap, especially for first-time buyers.
- Incentives for developers to create more affordable housing units, both for rent and purchase.
- Review of zoning laws to allow for more diverse and affordable housing options in high-demand areas.
- Investment in financial literacy programs to help renters build wealth through alternative means if homeownership remains out of reach.
The report also highlights regional economic disparities, with coastal areas experiencing higher rentership rates. This trend may require tailored economic policies to address the unique challenges faced by different regions, ensuring balanced economic growth across the country.
Policymakers should closely monitor these trends and consider a comprehensive approach to housing policy that balances the needs of both renters and homeowners while promoting overall economic stability and growth.
The number of renter households grew at the second-fastest pace since 2021, while the number of homeowner households grew at the slowest pace since 2019.
Growth in the number of renter households hit a peak of
This is based on a Redfin analysis of
Renter households have formed faster than homeowner households for three straight quarters, partly because homebuying costs have risen much faster than rents.
The median apartment asking rent increased less than
“The cost of both renting and buying a home has skyrocketed in recent years, but the affordability crunch isn’t quite as severe in the rental market. That’s because America has been building a lot of apartments to keep pace with robust demand from renters,” said Redfin Senior Economist Sheharyar Bokhari. “The country’s leaders should heed this lesson when considering how to improve affordability in the homebuying market: When there’s more housing to go around, prices don’t increase as fast.”
It’s important to note that while rents aren’t growing as quickly as homebuying costs, finding an affordable place to live is still a challenge for many renters. June’s
Renters may be able to find deals in
America Has Been on a Multifamily Building Spree, But That Could Come to an End Soon
America has added a lot of renter households over the past year—855,000, to be exact. But it also has ramped up construction, which has helped accommodate that rise in demand and limit rent growth. The country is adding new multifamily housing units at an annual rate of 563,000 (as of the second quarter)—the second fastest pace in records dating back to 1994. The fastest pace was in the first quarter of 2024.
America still faces a housing shortage, but the recent boom in multifamily construction has helped narrow the gap. Multifamily building completions are at historic highs because many projects started during the pandemic housing frenzy are just now being finished. But it’s worth noting that multifamily building permits and starts have slowed significantly, which could cause asking rents to jump again in the coming years.
Over Half of Households In Los Angeles Rent—the Highest Rate in the
Nationwide, just over one-third (
Rentership rates are lower than average in parts of the country where it’s more affordable to buy a home. In
To view the full report, including charts, please visit: https://www.redfin.com/news/renter-household-growth-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, title insurance, and renovations 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. Customers selling a home can have our renovations crew fix it up to sell for top dollar. 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/20240802527568/en/
Redfin Journalist Services:
Kenneth Applewhaite
press@redfin.com
Source: Redfin
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