What’s more, an influx of high-income renters –- mainly young, married, white, and college-educated –- are increasingly delaying home ownership either out of choice or necessity, driving up rents by fueling competition for existing units and spurring new construction designed primarily for the upper end of the market.

High-income households drove more than three-quarters of growth in renters from 2010 to 2018, bringing the share of people earning at least $75,000 to a record, the researchers’ analysis of inflation-adjusted Census data show.

The share of low-cost units in the national rental stock shrank to 25% in 2017 from 33% in 2012 -- with the biggest declines in Iowa, Montana, Nebraska, North Dakota, Oklahoma, and Texas.

“This isn’t just a New York or San Francisco story,” said Airgood-Obrycki regarding the dwindling options for middle-income renters. “This is everywhere.”

This article was provided by Bloomberg News.

First « 1 2 » Next