In 2022, there were approximately 44 million housing units occupied by renters in the United States. This number has been gradually increasing since 2010 as part of a long-term upward swing since 1975. Meanwhile, the number of unoccupied rental housing units has followed a downward trend, suggesting a growing demand and supply failing to catch up.
Why are rental homes in such high demand?
This high demand for rental homes may be related to the shortage of affordable housing. Climbing the property ladder for renters is not always easy, as it requires prospective homebuyers to save up for a down payment and qualify for a mortgage. In many metros, the median household income is insufficient to qualify for the median-priced home.
How many owner occupied homes are there in the U.S.?
In 2022, there were over 85 million owner occupied homes. Owner occupied housing is when the person who owns a property – either outright or through a mortgage – also resides in the property. Excluded are therefore rental properties, employer-provided housing and social housing.
