Number of renter occupied homes in the U.S. 1975-2021
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.