Last month, I attended NAHB’s midyear meeting in Miami and had the pleasure of sitting in on a presentation by Daniel Swift, president and CEO of Des Moines-based architecture group BSB Design.
Which Groups Saw The Biggest Shift From Owning To Renting?
Specific age groups, races, and income levels saw bigger jumps into the renting pool than others
It’s no secret, there are more people renting now than there were just a few years ago. In fact, from 2006 until now, that has been a five percentage-point increase in the number of renters to owners. The number of renters now sits at 43.3 percent, according to Trulia.
But digging deeper into the statistics, there are a few specific groups that seem to have lost the American Dream of home ownership at a higher rate than others. Using American Community Survey data from 2006 to 2014, the groups (age, race, gender, and income) that shifted from being a homeowner to a renter in the largest 50 U.S. metros were analyzed.
There were five groups that were hit harder than the others in this area. Among them, older millennials, adults aged 26 to 34 (which used to be the prime age for entering the homeownership game), are renting at historically higher numbers than before.
To see the full list of those hit hardest, click the link below.