Demographic trends have flipped homeownership rates in many of America’s largest cities.
Bloomberg reports that 52 of the nation’s 100 largest cities now have more renters than homeowners, and that 21 cities have shifted from a owner majority to a renter majority from 2009 to 2015. Detroit, Denver, and Atlanta are among the cities that have reversed rates.
Renting has become more common due to a number of factors, including shifting demographics. Bloomberg says that maturing Millennials and the rising Hispanic population is pumping up the renter pool. And, aging Baby Boomers are expected to downsize into rentals in the coming decades.
A lack of available homes and rising rent rates are also keeping people from buying a house.
Most low-income families don’t rent by choice, said Nela Richardson, chief economist at Redfin. And plenty of higher-income households rent because they can’t afford to buy.