Are you renting or know family and friends who are city renters? If yes, it is time to show them the list of American cities that renters never leave because things are shaking up in the U.S. Housing Market.
The running streak of 124 straight months of rising home prices has been put to rest by several straight months of declining home prices in the United States (U.S.).
What does the current economic and housing climate mean for renters?
With rent across the country remaining at an all-time high, it begs the question:
This report shows where Americans are staying locked in their leases and in a perpetual renting cycle. The top cities with the most long-term renters (people who moved in 22+ years ago) are:
1. New York (415,817 long-term renters)
2. Los Angeles (82,559 long-term renters)
3. Chicago (32,176 long-term renters)
4. San Francisco (25,803 long-term renters)
5. Philadelphia (14,511 long-term renters)
Why aren’t renters buying homes?
When renters are asked why they are not buying homes, the answer varies person to person.
This nationwide survey found 71% of renters want to buy a home and the top deterrents include money, interest rates, and debt.
Take a look at the full report for more data on the cities with the most renters and homeowners.
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In November 2022, the U.S. Census Bureau conducted a survey of 1,003 people from around the U.S. Among respondents, 48% identified as male, 49% as female, and 3% as non-binary or transgender with an average age of 39.
Methodology
This housing data from the U.S. Census Bureau, analyzed more than 300 cities with a population of 100,000 or more to determine which cities are home to the highest percentage of owners and renters. It also analyzed the cities with the most tenured renters by looking at renters who have lived in the same home for 22+ years.
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