Once a stronghold for U.S. homeowners, the suburbs of American cities are now ceding ground to renters, according to a report by Point2Homes.
Between 2018 and 2023, the data showed the number of renter households increased faster in the suburbs than the main city in five of the 20 largest U.S. metros, with 203 U.S. suburbs now dominated by renters due to affordability, mobility and the changing lifestyles of consumers.
“Some years, when buying a home seems mission impossible, renters will keep renting no matter their age and needs,” Point2Homes said in the report. “Other times, if market conditions are just right, some will take the leap and become homeowners, tipping the scales again. For many, and especially for Millennials and even Gen Zers, it’s a matter of cost. As home prices in urban centers soar — and mortgage rates, taxes and maintenance expenses rise alongside them — renting in the suburbs offers a more affordable path to space and stability.”
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Joe Toppe
Joe Toppe serves as managing editor of PropertyCasualty360.com. Joe is also a father of three, an author, and longtime lover of baseball.
