More than 100 suburbs that previously were lived in mostly by homeowners 10 years ago had renters as the majority of residents by 2019. Among those communities are suburbs of Miami, Washington, D.C., and Los Angeles’ Beverly Hills.
According to Census data, most of the renters are Millennials and Gen Zs looking for housing options that better suit their budgets, as 55% of suburban renters are younger than 45 with median household earnings around $50,000.
Dr. Kenneth Laundra, associate professor of sociology at Millikin University, said that today’s suburbia was far different from the “Baby Boomer fantasyland” it used to be.
“We have reimagined the American dream for a modern, more diverse society where people are having fewer children and getting married much later in life (if at all), and where most good job/career opportunities require one to be flexible,” he said.
To see all 103 suburbs that have a renter majority and the 57 expected to flip in the next five years ...
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