Where Renting Is on the Rise
The impact of the housing crisis still lingers as the number of renters remains high in every large metro area nationwide since 2006, according to American Community Survey data.
A closer look at the stats show the number of renters is growing particularly quickly for the 18-to-34 year-old cohort (up 9.1 percentage points since 2006) and for minorities. For example, the Hispanic renter rate (up 8.7 percentage points) climbed nearly twice the rate of whites, African-Americans, and Asians since 2006, according to an analysis by the real estate website Trulia.
What to consider if you're thinking about raising the rent.
The metro areas with the largest gains in renters continue to be those that were the hardest hit in the housing crisis, such as Las Vegas, Phoenix, and parts of Florida.
Here are the cities seeing some of the strongest gains in households who are renting their homes:
- Las Vegas, Nev.: 9.9% (the percentage point change in renters from 2006 to 2014)
- Phoenix, Ariz.: 9.2%
- Fort Lauderdale, Fla.: 8.3%
- West Palm Beach, Fla.: 7.8%
- Tampa, Fla.: 7.5%
- Miami, Fla.: 7.2%
- Detroit, Mich.: 7.1%
- Warren, Mich.: 6.7%
- Oakland, Calif.: 6.7%
- Riverside-San Bernardino, Calif.: 6.5%
- Atlanta, Ga.: 6.4%
- Orlando, Fla.: 6.1%
Source: “Where the ‘American Dream’ of Home Ownership Is Fading the Most,” The Washington Post (Feb. 16, 2016)
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