09 Mar Study: Renters’ Extend Beyond Big US Cities To The Suburbs
About 29 percent of metropolitan-area suburbanites were renters in 2014, up from 23 percent in 2006, according to a report being released Tuesday by New York University’s Furman Center real estate think tank and the bank Capital One.
The finances of home ownership since the mortgage meltdown might be a lead reason for the change, but the cost of renting also is rising in most of the biggest metropolitan areas, the study found.
Adding to data showing a national rise in renters in the past decade, the report zooms in on the metropolitan areas encompassing the nation’s 11 most populous cities: Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Miami, New York, Philadelphia, San Francisco and Washington. For a national benchmark, the researchers also looked at all metropolitan areas encompassing a city of at least 50,000 people.
“It’s the extensiveness of the affordability problem that is notable,” Laura Bailey, Capital One’s managing vice president of community development, told The Associated Press before the report’s release.
Still, the study shows some of the nation’s biggest rental markets have become more, not less, affordable to their typical tenants.
AT HOME — WITH RENTING — IN THE SUBURBS
Renting is still more common in big cities than their suburbs. In Miami and New York, about two-thirds of residents rent. But the gap is narrowing.
In the Atlanta area, the increase in the suburban rental population from 2006 to 2014 was twice the size of the entire tenant population in the city itself. Eighty percent of the growth in Dallas-area renters happened outside the city limits. Nearly half of residents outside the city of Los Angeles are tenants.
Nationwide, 37 percent of all households nationwide now rent, the highest level since the mid-1960s, Harvard University’s Joint Center for Housing Studies noted in December. Continue reading > > >
via Mercury News