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.