Between 2018 and 2023, certain suburbs have seen significant increases in the proportion of renters, particularly in California and Texas, as more people relocate to those areas amid rising home prices. Interestingly, suburbs with decreasing renter rates tend to be in metropolitan areas that experienced a housing boom during the pandemic, suggesting a rise in local home ownership. Fifteen suburbs transitioned to majority-renter status in this period, with notable increases in King of Prussia, East Franklin, and Bound Brook amidst a total of 203 majority-renter suburbs nationally.
The suburbs with the highest percentage-point increases in their shares of renters between 2018 and 2023 are primarily located in California and Texas, reflecting rising home prices.
Many of the suburbs with declining renter rates are areas that boomed during the pandemic, indicating that buyers are often locals rather than new arrivals.
Collection
[
|
...
]