More people are renting now than any time in the past 50 years.
In 2016, 36.6% of people rented their homes which was similar to 1965 which totaled 37%, according to a new report by the Pew Research Center based on data from the Census Bureau. Each month the Census Bureau surveys a nation-wide sample of households for results...
The total number of households in the U.S. grew by 7.6 million over the past ten years, Pew reported. The number of homes owned did not increase, while rental households increased by nearly 10% during the same time period.
Depending on where you live, either rising home prices or declining home values and large student loan debt are some of the reasons why many people are renting.
One of the reasons why young adults prefer renting is that some don't have enough money for a down payment for a home, said Richard Fry, a senior researcher at Pew and one of the report's authors. Also, owning a home makes moving harder, and the younger age group prefers mobility and flexibility.
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