27 Stats That Sum Up the American Housing Market

Renters

More Americans are renting today than in recent decades — some by choice and some simply due market conditions. Thirty-seven percent of American households are renters — about 43.7 million homes — which is an increase of 6.9 million homes since 2005. While part of the rise in renters is due to the 8 million homes lost to foreclosure during the recession, renters today also prize the maintenance-free and flexible lifestyle renting offers.

  • Renters skew younger: The typical renter has a median age of 32 years old.
  • Renters represent a more diverse population. Fifty-five percent are Caucasian/white, an additional 19 percent are African-American/black. Hispanics count for 17 percent of renters, Asian/Pacific Islander renters make up 7 percent of the renter population and another 3 percent identify as another ethnicity.
  • Nearly half of renters are single, including a third who have never married.
  • Although the majority of renters are single, 78 percent live with others, most often this is another family member.
  • The median rent across the U.S. is $1,010 with highest rents in the West and lowest rents in the Midwest.
  • Renting can be expensive: 79% of renters who moved in the past year had a rent increase.
  • More than half of renters (57%) had a rent increase impact their decision to move and 37% of renters who aren’t moving say it’s because they can’t afford to.

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