Dallas suburbs become renter majority cities
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Nine North Texas suburbs were among the top markets in the country for renter household growth between 2018 and 2023, per an analysis by rental listing site Point2Homes.
Why it matters: Housing affordability and changing demographics have transformed suburbs across the U.S.
- And, in many cities, renting has become more popular than owning a home.
The big picture: Renters now outnumber homeowners in 203 suburbs of the 20 most populous U.S. metros, Point2Homes found.
- "Suburban living is no longer reserved for those with a mortgage," Point2Homes' Andra Hopulele wrote in the report.
The intrigue: Renter households in the North Texas suburbs increased by 18% between 2018 and 2023.
- In Dallas, they increased by around 8%, per Point2Homes.
Zoom in: Frisco and McKinney led the country in net growth for renter households between 2018 and 2023. Frisco added 10,000 new renter households, and McKinney added 6,000, per the Point2Homes analysis.
- Farmers Branch became renter majority in just five years. The city was 47% renters in 2018 and 54% renters in 2023.
Not-so-stunning stat: Addison ranks seventh in the country for its rentership rate, around 82%.
- It makes sense for the city of apartments and restaurants.