Renters are the majority in the largest US Cities, Yahoo! Finance reports. This according to a report by NYU and Capital One Financial Corporation.
In nine of the country’s eleven biggest cities, renter were the majority in 2013, which is up from 2006, when renters were the biggest share in just five of those metro areas.
In Houston, renters are 54% of the population, despite the fact that the city is relatively inexpensive to live in. This may be due to the fact that Texas is seeing a lot of job growth and young workers are coming from all over the country to take these newly created jobs. These workers don’t want to be tied down to a home they’ll have to sell if they move to another market, so they prefer to rent, especially as they figure out whether they like the town and job. A similar situation is occurring in Dallas.
Another reason many city-dwellers are renters is that the high rent, driven by a lack of supply, makes it difficult to save for a down payment for a house.
Miami now has the highest percentage of renters, with 65%, pushing it past New York City, the previous top home to renters for decades. 64% of New York City’s population rents. Philadelphia had the lowest percentage of renters of the largest 11 American Cities , with just 44% of the population renting.