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Factoids offer brief snapshots of current topics pertinent to the Furniture industry based on our on-going research. Increase your grasp of current trends, consumer attitudes, and shifts within the industry through solid statistics and concise insight.

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The Changing Profile of Renter vs. Owner : Owner and Renter Occupied Housing Units Householders Ages 25 and Over Percent by Age Group

For many in pursuit of homeownership and those already there, the Great Recession forced the American tradition of owning a home aside and renting became the viable alternative. Now safely out of the recession, many renters are choosing to stay put or better yet, keep the freedom to move. This is the third factoid in a series of five factoids, using data from the U.S. Census Bureau’s 2017 American Community Survey, to explore the changing profiles of owners and renters. 

As expected, renter-occupied housing leans toward younger age groups with 8.6 of all renters under the age of 25. This includes many rentals across college campuses and young adults just starting out. Discounting these young renters and looking only at the over 25 age groups, apartment rentals are increasingly growing into a broader mix of old and young. For households age 25 years and older in 2017, about half of all renters were age 45 and over. This compares to 75 percent of owner-occupied housing. 

Source: U.S. Census Bureau, 2017 American Community Survey 1-year estimates   

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Fast Fact: In 2017, Half of Renters Above 25 Were 45 and Over
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