The Rising Influence of Rising Affluence

[Biowatch]

Growing number of U.S. suburbs_now_dominated_by_renters

https://www.cbsnews.com/news/suburban-residents-increasingly-rent-vs-own-homes/

Renters now make up the majority of residents in more than 100 suburbs around the U.S., according to a new analysis of Census Bureau data from Rent Cafe. Another 57 suburbs are on their way to becoming predominately renter territory over the next five years, the apartment search website also found…

A sign of the times: Of the nearly 5 million residents who moved to suburbs surrounding the 50 largest U.S. metro areas, almost 80% were renters, the analysis found. And while the ranks of suburban homeowners grew 3% between 2010 and 2019, suburban renters jumped 22% over that period.

Overall, roughly a quarter of the more than 1,100 suburbs near the nation's 50 largest metro areas are renter-dominated, according to Rent Cafe. Some 21 million people rented their homes in the suburbs as of 2019, up from 17 million a decade ago…

Millennials and members of Generation Z account for most suburban renters, Census data show. Rent Cafe notes that 55% of suburban renters are younger than 45, with median household earnings of around $50,000.

One part of it is that the housing market got so expensive that some people decided to sit on the sidelines and wait until things revert to the norm before trying to buy.