The very definition of suburban living has been rewritten throughout the last decade as suburbs in the nation’s 50 largest metros gained 4.7 million people since 2010—a whopping 79% of whom were renters, according to the latest U.S. Census data.
Today, about 21 million people rent a suburban home in the 50 largest U.S. metros—3.7 million more than 10 years ago. What’s more, between 2010 and 2019, the number of suburban renters grew by 22%—a number that dwarfs the 3% increase in suburban homeowners during the same period.
Due to these changes in numbers since 2010, renters are now the majority in 103 suburbs nationwide that were previously homeowner territory 10 years ago, and 57 other suburbs are expected to follow suit in the next five years. Many of these suburbs belong to the Miami, Washington, D.C., and Los Angeles metros, with notorious Beverly Hills, CA, among those that flipped, according to a recent report by RENTCafé.
In addition, more Phoenix suburbs are joining a national trend of flowing with new renters, including:
• El Mirage, which experienced the fastest growth in the area. From a renter share of 29% in 2010, it grew to 40% in 2019.
• Sun City, while having the lowest renter share, saw a spectacular jump of 26%. From a 14% renter population, it grew to 18% in 10 years.
• Scottsdale saw its renter population grow from 26% to 32% by the end of 2019.
• Avondale grew from 36% to 43%, while Glendale had a similar rise, from 37% to 43%.
According to Census data, most of the renters are Millennials and Gen Zs looking for housing options that better suit their budgets, as 55% of suburban renters are younger than 45 with median household earnings around $50,000.
Dr. Kenneth Laundra, associate professor of sociology at Millikin University, said that today’s suburbia was far different from the “Baby Boomer fantasyland” it used to be.
“We have reimagined the American dream for a modern, more diverse society where people are having fewer children and getting married much later in life (if at all), and where most good job/career opportunities require one to be flexible.”—Dr. Kenneth Laundra, associate professor of sociology at Millikin University
Read the full report at www.rentcafe.com.