What is the average age of renters in the US?

The typical U.S. renter is 39 years old , has never been married, with at least 4-years of college education, and has a median annual income of $42,500 (the national median annual income is $67,500). One-third of renters have children under 18 living in the home, and over 80% have pets.

What is the share of renters in the US?

(According to the Pew Research Center, about 36 percent of American households rented, rather than owned, their homes in 2019, the last year that reliable data was available from the Census Bureau.) Moody's first started tracking the metric in 1999, when the typical rent-to-income ratio was 22.5 percent.

What percentage of US adults rent?

Homeowner vs. In the under-35 age group, 65% of American households are rented. Meanwhile, in the 65+ age group (senior citizens), 79.3% own a home.

What percentage of renters are Gen Z?

Gen Z is now the only renter-majority generation with a 74% share and 4.5 million renters added in the last five years, more than any other age group. Of the nation's top 50 largest metros, Richmond, VA, saw the highest jump in Millennial owners — 234%.

How old are most landlords?

While most rental property owners were senior citizens, today's landlords are as young as 40 years with 27% between 30 and 40 and 8% 20 to 30 years old. However, factors such as race and gender affect the average age of landlords.

How many Millennials are renters?

By the numbers: The number of millennial homeowners increased by 7.1 million between 2017 and 2022 to 18.2 million, a 64% increase. There are still 17.2 million millennial renters, which is still considered the dominant renter generation, RentCafe found.

What percentage of Americans rent vs own?

65.8% of the U.S. population lives in a home they own, and 34.2% rent .

Where are the most renters in the US?

The study analyzed the U.S. Census Bureau housing data of more than 300 cities with a population of 100,000 or more and conducted a survey of over 1,000 people from around the country in November. Newark, New Jersey , has the most, with more than 79% of residents renting.

What percentage of Americans own rental property?

Most rental properties are owned by individuals, but only a small share of individuals own rental property, according to IRS income-tax data. In 2018, 6.7% of individual tax filers (about 10.3 million) reported owning rental properties. Those filers reported owning 1.72 properties on average.

How many people actually rent?

Overall, about 44 million households rented and the median income for all households was nearly $71,000 in 2021, according to the Census.

Why do people spend 30% on rent?

This rule of thumb for rent dictates spending no more than 30% of your income on housing each month. The reasoning behind it is that by capping your rent payment at 30% of your monthly income, you'll still have plenty of money left to cover other living expenses and to work toward your financial goals .

What state in the US has the cheapest rent?

1. Mississippi . Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.

Why do millennials rent?

RentCafe chalked it up to a matter of “ comfort and smart investing .” Owning a home can come with more than its fair share of maintenance and costly repairs and upkeep. Then there's the flexibility renting offers one to move from city to city for career opportunities.

What percent of millennials own homes?

Millennials have finally reached a significant milestone as more than 50 percent of millennials now own their homes, according to the latest data from the Census Bureau, Apartment List writes in the fourth installment of their annual Apartment List Millennial Homeownership Report.

Share of U.S. renters by age | Statista (2024)

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Published by Statista Research Department, Sep 7, 2022

In 2020, only ten percent of renters in the United States were 65 years or older, whereas 47 percent were under 30 years old. This disparity can be explained by the vast differences in homeownership rates between these age groups.