**Renters Now Outnumber Homeowners in Over 200 Suburbs Across Major U.S. Metro Areas**
High home prices have made suburban renting increasingly attractive, with renters now outnumbering homeowners in more than 200 suburbs across the 20 largest metro areas in the United States. According to a recent report from Point2Homes, 15 of these suburbs transitioned to renter-majority status within just five years.
Between 2018 and 2023, the growth rate of renter households in suburban areas outpaced that of urban centers in five major U.S. metro areas. Leading this trend was Dallas, followed by Minneapolis, Boston, Tampa, and Baltimore.
One of the key drivers behind this shift is the rising cost of homeownership. Mortgage interest rates on a 30-year fixed loan currently hover just below 7%, levels not seen since before the 2008 financial crisis. These high borrowing costs are pushing many prospective buyers out of the market, particularly in high-demand areas.
In response, the expansion of rental properties—including single-family home rentals—is helping to preserve suburban living options for those unable to purchase a home. This trend has allowed more people to enjoy the benefits of suburban life without the financial burden of homeownership.
