March 6, 2018 at 5:30 AM
While the homeownership rate in the United States rose slightly in the fourth quarter of 2017 to 64.2 percent compared with the previous quarter, a study by RENTCafe analyzed data for the decade between 2006 and 2016 and found that 22 cities shifted from homeowner-majority to renter-majority.
The study found that 42 of the 100 most populous cities are now dominated by renters, up from 20 in 2006. In addition, over the 2006-2016 decade, the growth of renter households outpaced the growth of homeowners in 97 of those cities.
The cities with the highest proportion of renters, in order, include Newark (74.3 percent renters), Jersey City (70.4 percent), Miami (68.0 percent), New York (65.1 percent), Boston (63.7 percent) and Orlando (62.7 percent). The percentage of renters in Washington, which was already a majority-renter city in 2006, rose from 52.4 percent in 2006 to 58.5 percent in 2016.
The five cities with the biggest increase in the percentage of renters between 2006 and 2016 include Toledo, (up 31.3 percent), Memphis (up 27.0 percent), Tampa (up 26.8 percent), Hialeah, Fla. (up 26.5 percent), and Stockton, Calif. (up 26.21 percent.)
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