From Home Furnishing Business
Fast Fact: Majority of Homeownership Narrows to Families
2019 by Laurie Northington in Economic News, Industry
After a rise in renter-occupied housing due to the Great Recession, data from the U.S. Census Bureau’s 2017 American Community Survey explores the changing profiles of both owners and renters.
Owner-occupied units in 2017 had an average household size of 2.72 persons, while renters had a household size of 2.51. As more single people have turned to renting, the majority of homeownership is narrowing to mainly families.
Renter households have a greater tendency to contain only one occupant compared to owner-occupied units with 37.1 percent of renters versus 22.7 percent of owners in 2017.
One of the biggest differences in renter and owner households is that owner-owned residences are primarily married couple families – 60.1 percent compared to 27 percent of renter housing.
For a closer look at the data, click here.