From the time the housing bubble burst up to now, the number of renters to owners has increased to 43.3% of households, from 38.5%. Trulia analyst Mark Uh explores the geography and demographics of those forced to switch to renting from owning.
According to the American Community Survey data from 2006 to 2014, some of the hardest hit groups were older millennials, Hispanics households, and the upper middle class and wealthy. To make matters worse, rents are also continuing to increase:
Average rents in the top 50 markets have risen 22.3%, while incomes nationally fell 5.8% in the nine years since 2006. To put this into context, a typical household spent just 29.7% of their income on rent in 2006. Since the economic crisis, this number peaked in 2011 at 31.5%, then fell slightly to 30.7% in 2014.