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GUESS WHO IS THE THIRD LARGEST CITY FOR RENTERS IN THE U.S.?

Thursday, January 03, 2019

According to a new study, Miami has the largest proportion of renters versus homeowners in the country after Newark and Jersey City, N.J.

That is more renters, as percentage of the population, than New York City or Los Angeles, cities where housing is so notoriously expensive that only the affluent can afford to own.

Miami’s proportion of renters is 68 percent which has ticked up in the decade since the Great Recession highly affected the homeownership market across the U.S..This is according to a study by RENTCafe, a national apartment search website. The study examined only the city of Miami, not the county of Miami-Dade.

Meanwhile, the Miami-Dade city of Hialeah, which has become the main entry point for Cuban newcomers, went from being a majority-ownership city to one where renters predominate, according to RENTCafe, which bases it on Census Bureau statistics for the country’s largest 100 cities for the decade between 2006 and 2016.

The study found that the share of renters in Hialeah was 43 percent in 2006 and rose to almost 55 percent by 2016.

Overall, the study found that the growth in the share of renters outpaced the growth of homeownership in 97 of 100 large U.S. cities. The report said that this is most likely a lingering effect of the recession, noting that more recent data suggest the expansion of renting could be slowing.

Thinking about buying, selling, investing or renting?Call the Elite Team at Remax 305-595-9777.

 

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GUESS WHO IS THE THIRD LARGEST CITY FOR RENTERS IN THE U.S.?
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