Home prices are high, mortgage rates are high, and rents are high, too. But America’s renter population is progressing three times faster than its homeowner counterpart.
The number of renter households in the country rose 1.9% in the second quarter from a year earlier, and the number of homeowner households only increased 0.6% during the same period, a Redfin analysis of Census Bureau data found. That doesn’t mean there are more renters than homeowners: both renters and homeowners reached all-time highs, at 45.2 million and 86.3 million, respectively. However, interestingly enough, “the number of renter households grew at the second-fastest pace since 2021, while the number of homeowner households grew at the slowest pace since 2019,” the analysis published Friday read.
