Many American suburbs, once a symbol of homeownership dreams, are becoming more and more places for people to send checks to their landlords.
Renters now make up the majority of more than 100 suburban residents around the United States, according to a new analysis of data from the Rent Cafe Census Bureau. We also found an apartment search website that 57 suburbs are becoming predominantly renter’s territory over the next five years.
This trend is seen nationwide. Beverly Hills, a luxury area on the outskirts of Los Angeles, California, home to many Hollywood celebrities, has turned from a majority owner to primarily a renter over the past decade. Suburbs around Miami, Florida and Washington, DC follow a similar course.
Signs of the Times: Almost 80% of the approximately 5 million residents who moved to the suburbs around 50 of the largest metropolitan areas in the United States were renters. Also, the rank of suburban homeowners increased by 3% between 2010 and 2019, while suburban renters surged 22% during that period.
Overall, about a quarter of the more than 1,100 suburbs near the 50 metropolitan areas of the United States are dominated by renters, according to Rent Cafe. As of 2019, about 21 million people are renting homes in the suburbs, up from 17 million 10 years ago.
What is driving the trend?
Millennial and Gen Z members make up most suburban renters, according to census data. Rent Cafe states that 55% of suburban renters are under the age of 45 and have a median household income of around $ 50,000.
Pandemics, on the other hand, are expected to further facilitate the shift from suburban home ownership in favor of leasing. Opportunities to work from home have increased interest in suburbs, which are just a short distance from the city.
There is reason to believe that with the rise of “remote work, short-term projects, and” side hustle “, there will be more temporary migration in the future. Most of this migration is directed to cities and landscapes. The suburbs will be the closest to the city, “Kenneth Laundry, an associate professor of sociology at Millikin University, said in a statement.
Nearly 60 suburbs, including much of California and Florida, are expected to be rented by more than half of their residents over the next five years, according to Rent Cafe.
The high cost of housing around the United States has also led to the purchase of homes beyond the means of many Americans. Home ownership is out of reach for most people.According to Attom Data Solutions, a property data provider. Currently, the number of counties that are considered out of control of home ownership increased by about 20% year-on-year and increased from 205 counties in the second quarter to 242 counties in the second quarter.
In the process of a pandemic,The telecommuting lifestyle no longer makes workers Five days in a week.
Selling expensive homes in places like Aspen, Colorado. Hamptons in New York. Palm Beach, Florida has been booming since May, when it was revealed that a pandemic would indefinitely overturn the American lifestyle, realtors and appraisers across the country said.
Currently, the number of lessee-controlled suburbs of the United States is increasing
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