MReport December 2020

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M R EP O RT | 7 MDWELL New data shows how homeowner and renter populations recently shifted, how these trends differ across the country, and how a new generation could impact these trends. L ast year, the population of American renters fell to 109 mil- lion after peaking around 2015 at 111 million. Meanwhile, the population of American homeowners has been on the rise in recent years, reaching almost 213 million, according to data released in September of 2020 from the U.S. Census. A new study from RENTCafe, which analyzes data from the U.S. Census, outlines how these populations of renters and homeowners dif- fer across the country, how millennials have contributed to these popu- lation changes, and what the future might hold for Gen Z-ers entering the housing market. The study analyzed cities all over the country with populations over 100,000, which added up to 317 cities in total. According to the study, millennials have set the trend of "renters by choice," opting for the flexible lifestyle of renting in an urban envi- ronment. This millennial trend is likely what caused 23 U.S. cities to become renter-majority cities from 2010 to 2019, despite a decrease in the overall renter population. Homeowners become the majority in only 12 American cities analyzed by RENTCafé during the same period of time. Homeowners vs. Renters: Population Trends Across America LARGEST INCREASES IN SHARE OF HOMEOWNERS (2010-2019) City % Increase of Homeowners Hartford, CT 27% Providence, RI 17% Kent, WA 16% El Cajon, CA 15% Oceanside, CA 13% Mesquite, TX 12% Cape Coral, FL 12% Atlanta, GA 12% Richmond, VA 11% Peoria, AZ 11% LARGEST INCREASES IN SHARE OF RENTERS (2010-2019) City % Increase of Renters Frisco, TX 59% Plano, TX 41% Hampton, VA 31% Temecula, CA 29% The Woodlands, TX 28% Green Bay, WI 25% McKinney, TX 25% Independence, MO 25% Waterbury, CT 25% Chesapeake, VA 24%

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