Two suburban neighborhoods in the area — East Lake-Orient Park and Egypt Lake-Leto in Tampa — are now, for the first time, mostly occupied by renters rather than homeowners, according to a new study from RENTCafé.
- And trend lines show that New Port Richey and Temple Terrace will be next and could change from owner majority to renter majority in the next five years.
- Westchase and Riverview also saw explosive growth in renters.
The big picture: Renters are now the majority in 103 U.S. suburbs, which previously were homeowner territory, while only four suburbs transitioned to owner majority.
- Twenty Florida suburbs, including 13 in the Miami area, became renter-majority.
Why it matters: The Boomer-driven idea of the "American Dream" — a mortgage on a home with a two-car garage, big lawn and picket fence — is changing as housing prices rise and more workers value flexibility for career opportunities.
- Since COVID-19 has compelled businesses to adopt more friendly work-from-home policies, workers have a "newfound appreciation for cheaper, more spacious surroundings," Doug Ressler, a senior analyst and manager of business intelligence at Yardi Matrix, told Ben.
What they're saying: "Many coveted knowledge workers have already made their move or are considering it," Ressler said.
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