In the last 10 years, neighborhoods in Philadelphia, Chicago, and Houston have rapidly changed from owner hot spots to renter havens. As home prices have risen, renting is at the highest level in 50 years, according to a recent RentCafe report.
With 43.7 million households currently living in rentals, findings show that 101 ZIP codes, including 41% of ZIP codes in the 50 largest cities, have become renter majority in the past decade.
Zooming into the 1,500 ZIP codes RentCafe studied, Columbus, Ohio, saw the fastest jump of renters with an increase of 157% in the last 10 years. With seven new renter majority ZIP codes, Philadelphia has the largest number of ZIP codes that made the shift.Read More