Number of US Renter Households Growing Faster Than Homeowner Households

‘Renting is increasingly the only viable choice for many young people and families,’ Redfin senior economist Sheharyar Bokhari said.

A home awaits buyers in Irvine, Calif., on Sept. 21, 2020. John Fredricks/The Epoch Times

The number of renter households across the United States rose by 2.7 percent year over year in the third quarter, reaching a record 45.6 million households, according to a Nov. 5 report from real estate brokerage Redfin.

“That rate of growth is three times faster than the 0.9 percent increase in homeowner households, which now total a record 86.9 million,” the company said in the report. “The 2.7 percent increase—representing 1.18 million additional renter households—was the second fastest pace since 2015.”