More & More Renters

According to a new report by The Urban Institute, “Headship and Homeownership: What Does the Future Hold?”, the number of renters is expected to increase in the next 15 years and may exceed home owners by 4 million in 2030.

The report estimates that the demand for new rental housing will cause a significant shift in the construction industry as attention is shifted somewhat from building new single family homes.

The report also predicts an increase of single family homes with renter occupancy in the coming years.

Finally, the report details a projected increase in the percentage of Hispanics owning homes and “Household formations are mostly expected to be driven among nonwhite populations from 2010 to 2020 with 77 percent of new households expected to be nonwhite.”

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