As real estate prices continue to rise every year and the millennial generation is in debt due to student loans, it’s not surprising that fewer people are running out to buy a home.
Bloomberg peeked through the U.S. Census Bureau data on home buying over the past few years and found that renters are beginning to outpace home buyers.
Here are the numbers:
49 percent | Percentage of homeowners in Detroit in 2015
55 percent | Percentage of homeowners in Detroit in 2009
52 | Number out of 100 U.S. cities that had a renting majority in 2015
Under 1 million | Amount of homes on the market in 2017
2030 | Year through which 2015 Urban Institute predicts renting rates to increase