Number of renter occupied homes in the U.S. 1975-2018
In 2018, there were approximately 43 million housing units occupied by renters in the United States. This number has remained steady since 2014, but is part of a long-term upward swing since 1975. This is also reflected in the downward trend of residential vacancy rates across the country. This suggests that demand for rental housing is on the rise, and that supply is failing to keep up with it.
Why are rental homes in such high demand?
This high demand for rental homes may be related to the unaffordability of homeownership. Not being able to afford to buy a home was the biggest reason renters gave when asked why they didn’t currently own a home in a recent survey. The monthly costs of homeownership versus rental costs vary by state. In 2018, it was less expensive to rent a home in Hawaii, Washington D.C. and Colorado than it was to buy. However, the opposite was true in California, New York and Louisiana.
Why are rental homes in such high demand?
This high demand for rental homes may be related to the unaffordability of homeownership. Not being able to afford to buy a home was the biggest reason renters gave when asked why they didn’t currently own a home in a recent survey. The monthly costs of homeownership versus rental costs vary by state. In 2018, it was less expensive to rent a home in Hawaii, Washington D.C. and Colorado than it was to buy. However, the opposite was true in California, New York and Louisiana.
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Number of renter occupied housing units in the United States from 1975 to 2018
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US Department of Housing and Urban Development. (March 31, 2019). Number of renter occupied housing units in the United States from 1975 to 2018 (in millions) [Graph]. In Statista. Retrieved October 22, 2019, from https://www.statista.com/statistics/187577/housing-units-occupied-by-renter-in-the-us-since-1975/
US Department of Housing and Urban Development. "Number of renter occupied housing units in the United States from 1975 to 2018 (in millions)." Chart. March 31, 2019. Statista. Accessed October 22, 2019. https://www.statista.com/statistics/187577/housing-units-occupied-by-renter-in-the-us-since-1975/
US Department of Housing and Urban Development. (2019). Number of renter occupied housing units in the United States from 1975 to 2018 (in millions). Statista. Statista Inc.. Accessed: October 22, 2019. https://www.statista.com/statistics/187577/housing-units-occupied-by-renter-in-the-us-since-1975/
US Department of Housing and Urban Development. "Number of Renter Occupied Housing Units in The United States from 1975 to 2018 (in Millions)." Statista, Statista Inc., 31 Mar 2019, https://www.statista.com/statistics/187577/housing-units-occupied-by-renter-in-the-us-since-1975/
US Department of Housing and Urban Development, Number of renter occupied housing units in the United States from 1975 to 2018 (in millions) Statista, https://www.statista.com/statistics/187577/housing-units-occupied-by-renter-in-the-us-since-1975/ (last visited October 22, 2019)