Growing number of U.S. suburbs now dominated by renters
Many American suburbs, once an emblem of the dream of homeownership, are increasingly a place where people send a check to the landlord.
Renters now make up the majority of residents in more than 100 suburbs around the U.S., according to a new analysis of Census Bureau data from Rent Cafe. Another 57 suburbs are on their way to becoming predominately renter territory over the next five years, the apartment search website also found.
The trend is visible across the country. Beverly Hills, the ritzy area outside of Los Angeles, California, that’s home to many Hollywood celebrities, flipped from majority owners to mostly renters over the past decade. Suburbs around Miami, Florida, and Washington, D.C., have followed a similar course.
A sign of the times: Of the nearly 5 million residents who moved to suburbs surrounding the 50 largest U.S. metro areas,…