While homeowners flatline, the renter population is surging. An increase of 2.6% in renter households brings the total to 46.4 million—one of the biggest jumps seen in years. To be sure, Redfin flags that these are minor but notable shifts in a largely static wider picture, as the homeownership rate has remained relatively steady—65% as of the second quarter, down from 65.6% a year earlier, while the rentership rate was 35%, up slightly from 34.4% a year earlier.
Although mortgage rates have started to fall in recent weeks, easing slightly from the peak of over 7% earlier this year, affordability remains a central concern. Rising prices, high rates, and economic uncertainty are combining to keep many aspiring homeowners on the sidelines, while those looking for homes contend with intense competition and tight supply.
For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.
