The proportion of renter households in the U.S. is growing at three times the rate of homeownership households as housing costs outpace rent increases, a new real estate company reports. redfin found.
The growth rate of rental households reached the second fastest pace in nearly a decade, increasing by 2.7% in the third quarter to a record 45.6 million households. In contrast, homeowner households increased by 0.9% over the same period to 86.9 million households, also the highest level.
“While the median asking rent in September was up 0.6% year-on-year, rents have remained roughly flat for the past two years and are becoming more affordable as wages have increased by about 4%,” the report said. states.
The report comes as housing affordability has emerged as a key issue for voters in the weeks leading up to the 2024 presidential election.
Recent data shows voters in battleground states are experiencing a disproportionate burden of housing costs. Home prices in some counties in Sunbelt battleground states have doubled in the past five years. Washington Post analysis For example, found.
A recent Pew Research Center survey also found that 69% of voters say they are “very concerned” about home prices. This was an 8% increase from the figure recorded in April 2023.
“Affordable housing is at the forefront of this election cycle, as so many people, especially young people, are wondering how they can become homeowners,” Sheharyar Bokhari, senior economist at Redfin, said in a statement. There is,” he said.
“With house prices at record highs and mortgage rates remaining high, renting is becoming the only viable option for many young people and families,” Bokhari added. “Building more housing will help address this problem, but Gen Z and future generations may not consider homeownership as a life goal, and rental rates will continue to decline in the coming years.” We also have to recognize that it may continue to rise.
