|
8
<br />61r—r �4a,'.�IISf rr"srt{"rati"� a'IG,, n a •. IAE zr '�n'X%J°" 4�tg by js >'sT�i vd t �'k AWn, Tµrzc y s�� t i,zm i t 5gn n 1 'z
<br />P�.,.../uE.,ave;Svxa3 �"1 �n:da,�rd'uMbf1E7 .i$�.w1,; ,'F�tafv�V�ta� �s.✓�'.ss.�="�s2a..� � �d,3 � . , xrtn t A =. `,k.,. k a _.� ..5.. a;J .:...e.,v.. r:°,.axS_ NAdt....v � �..,,t `'
<br />The Wave of Growth Since 2004 Has Lifted the Number and Share of Renter Households
<br />Millions
<br />45,0
<br />42Z
<br />400
<br />37.5
<br />35.0
<br />32.5
<br />36.0
<br />percent
<br />1966 1967 1986 1969 1990 1991 1992 1993 1994 1995 1996 1997 1996 1999 2000 2001 2002 2063 2004 2095 2006 2967 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
<br />yJ Renter Households (Left scale) — Hentarship Hato lRight scald
<br />Note', Estimate for 2017 is the average of second -end third quarter data.
<br />Source'. JCHS tabulations of BS Census Bureau, Housing Vacancy Survey.
<br />holds with real annual incomes of $100,000 or more—making up
<br />just 9 percent of renters in 2006—were responsible for 29 percent of
<br />the 9.9 million increase in renters over the decade (Figure 8).
<br />Many, though not all, of the outsized increases in higher -income
<br />renters were concentrated in high-cost metro areas. For example,
<br />households earning $100,000 or more accounted for 65 percent of
<br />the growth in renter households in the New York City metro and
<br />fully 93 percent in San Francisco (Figure 9). But even in metros where
<br />they were less prevalent, higher income households were respon-
<br />sible for significant shares of renter growth, including Miami (15
<br />percent) and Phoenix (20 percent).
<br />Strong growth in high-income renter households was driven in
<br />large measure by sharply higher rentership rates among this
<br />group. Indeed, the share of households with incomes of at least
<br />$75,000 that rented their housing jumped by 6.9 percentage points
<br />in 2006-2016, more than twice the 3.3 percentage point increase
<br />among households earning less than $50,000. Without this increase
<br />in rentership rates among high-income households, there would be
<br />3.4 million fewer renters today.
<br />The strong growth in higher -income households altered the distri-
<br />bution of renter household types. Unlike lower-income renters, who
<br />primarily live in single -person households, higher -income renters
<br />live in a variety of household settings that are likely to include mul-
<br />tiple adults, such as married couples or unmarried partners. These
<br />types of households, which are apt to have at least two earners,
<br />made up half of the growth in renters earning $50,000 or more over
<br />the past decade.
<br />37
<br />35
<br />33
<br />31
<br />29
<br />27
<br />25
<br />ROLES OF OLDER AND WHITE HOUSEHOLDS
<br />While the largest increase in rentership rates was among young,
<br />high-income households, much of the overall growth in renter house-
<br />holds was driven by older households. Indeed, adults age 50 and over
<br />accounted for half of the increase in the total number of renters in
<br />2006-2016 (Figure 10). Although much of this increase simply reflects
<br />changes in the age structure of the population, rising rentership
<br />rates among this age group lifted the number of older renters well
<br />above what population aging alone would suggest. In addition, higher
<br />rentership rates among households in their SOS and 40s also helped
<br />to offset what would have otherwise been declines among that age
<br />group as the youngest baby -boomers moved into their 50s.
<br />Given that older adults are likely to live alone, the increase in older
<br />renters added significantly to the number of single -person house-
<br />holds. Single persons accounted for 37 percent of renter household
<br />growth overall in 2006-2016, but fully 52 percent of the growth in
<br />renter households age 50 and over. By comparison, single persons
<br />made up only 20 percent of the increase in renter households under
<br />age 50. As a result, three out of every four single -person renter
<br />households added over the decade were at least age 50.
<br />After single persons, married couples without children accounted
<br />for the next -largest share of renter growth (17 percent). This group
<br />includes older renter households with adult children no longer liv-
<br />ing at home. Running a distant third, married couples with children
<br />made up just 10 percent of the growth in renter households.
<br />A resurgence of renting among white households also helped to keep
<br />demand on the rise. The number of renter households headed by a
<br />
|