Renter population surges as homeownership growth slows in 2024

The number of renter households in the US increased by 1.9% year over year in Q2 2024, reaching a record 45.2 million, according to a new report by Redfin. This growth is over three times faster than the 0.6% increase in homeowner households, which also hit a record high of 86.3 million.

Rising homebuying costs have contributed to this trend, as the median mortgage payment soared 5% in June, compared to a less than 1% rise in apartment rents. Los Angeles, San Diego, and New York have the highest proportions of renter households, while Worcester, North Port, and Albany have the lowest.