AgentRentals

Trulia reports: Is the American Dream dead in Houston?

The percentage of renters in the 50 largest U.S. metros rose from 36.1 percent in 2006 to 41.1 percent in 2014
Published on Feb 16, 2016

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Trulia recently reported the shift in homeowners to renters, a phenomenon that has shifted the real estate market substantially since the housing market crash. According to American Community Survey data, between 2006 and 2014, the amount of renters increased 5 percent to 43.3 percent.

Among those that were significantly impacted, older millennials, Hispanic households and the upper-middle class and wealthy most prominently shifted from being owners to renters.

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Each metro has a different shift in renters. In Houston, a reported 40.9 percent of its population were renters in 2014, which was a 4.2 percent increase over 2006.

Rents have substantially increased in Houston, but that didn’t stop renters. The median rent in 2006 was $732 and in 2014 it was $912. That makes for a 24.6 percent change in rental prices.

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