Renters Dominate Over 100 Suburban Areas in the United States

California-based real estate executive Gino Canori serves as the executive vice president of Related California. Possessing upwards of two decades of experience at the company, he oversees multifamily real estate development in urban infill markets. Gino Canori manages a $3 billion pipeline of multifamily and commercial real estate in Orange County, San Francisco, and Los Angeles.

In over 100 suburbs around the United States, renters now outnumber homeowners, based on reports from RENTCafé. In the next 5 years, nearly 60 more suburbs will become primarily filled with renters. These include suburbs around Washington, DC, and Los Angeles.

This move toward renting has resulted from younger generations relocating to suburban areas. Based on the report, 55 percent of renters in suburban areas have a median household income of $50,000 and are below the age of 45. Part of this relocation trend has also resulted from the new remote work opportunities generated by the COVID-19 pandemic. As working from home has become more common, younger generations have developed more interest in suburban life.

The rising cost of buying a home has also placed homeownership out of reach for people in over four out of 10 US counties, based on data from Attom Data Solutions. Compared to the prior year, home prices became unaffordable in 20 percent more counties in the United States. This spike resulted from wealthier Americans snatching up listed properties, particularly in resort communities.