A new report reveals that renters have outnumbered homeowners in over 200 suburbs in the U.S., a significant change in the housing market. Although the number of renter-majority suburbs decreased from 2018, there are still 231,000 more renter households compared to that year. Notably, for five of the 20 largest U.S. metropolitan areas, such as Dallas, the increase in renter households in suburbs was quicker than in urban centers. This shift is attributed to changes in work patterns and housing affordability, indicating a fundamental transformation in American housing preferences.
Case in point, the number of renter-dominated suburbs has fallen compared to 2018, when a total of 233 suburbs were renter-majority. But, it remains high given that, traditionally, the suburbs were oases of homeownership away from the renter-majority urban spaces.
Between 2018 and 2023, the number of renter households increased faster in the suburbs than the main city in five of the 20 largest U.S. metros.
The rise of the renter suburb is not a blip. It's a fundamental shift in how Americans live and think about housing.
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