The percentage of renters across the country reached an all-time high since 1965, with 43.3% in the year 2016. The number of households also saw a significant increase during the same period. There was an estimated increase of 7.6 million households from 2006 to 2016. While the percentage of owner-occupied households was relatively stable, the percentage of renters saw a considerable increase. vHomeInsurance analyzed the percentage of renters by race/ethnicity, age, and educational attainment to understand the disparity between different demographics.
The analysis of the number of renters by race/ethnicity revealed that the percentage of Black and Hispanic renters was twice as much as White renters. The same trend was seen during the course of 2006 to 2016. There has been a considerable increase in the percentage of renters among all the races. While the percentage of White renters was 24% in the year, the percentage of Black and Hispanic renters was 52% and 50%, respectively. Similarly in the year 2016, the percentage of White, Black, and Hispanic renters were at 28%, 58%, and 54%, respectively.
Renters younger than the age of 35 led the way with 65% in the year 2016. The percentage of renters decreased with age, with renters between 35-44, 45-64, and 65+ registering 41%, 28%, and 21%, respectively. The percentage of renters also saw a decrease with the increase in the educational attainment of the renters. Furthermore, renters who did not complete their high school led the way with 52%. Renters who had completed high school and attended college accounted for 38% each. Renters who completed their college were at the bottom, with 29%.