American Dream Delayed: More Households Embrace Renting Amid High Costs

Nov 14

Introduction

After years of climbing housing costs, the classic American dream of homeownership is increasingly on hold. Record-high home prices, elevated mortgage rates, and broader cost-of-living pressures have pushed the cost of buying a home to unprecedented levels. The result is a growing segment of U.S. households – especially millennials and Gen Z – delaying or abandoning homeownership in favor of long-term renting. Recent data underscores this shift. In 2024, U.S. home sales fell to their lowest level in 30 years as the median home price hit $412,500 (about 60% higher than in 2019). With mortgage rates averaging around 7%, the average monthly payment for a median-priced home surged to roughly $3,270 in 2024 (including taxes and insurance) – up from about $2,045 in 2021. This $1,200+ jump in monthly costs over just three years has priced millions of would-be buyers out of the market.

Against this backdrop, many Americans are choosing to rent for the long haul. The number of renter households is now rising at a record clip, even as homeownership rates slip. This article explores the factors driving more households – young and old – to embrace renting amid today’s affordability crunch. We compare the costs of renting versus owning, examine how these trends have evolved over the past decade, and discuss the implications for rental housing demand and multifamily real estate. Throughout, authoritative data from sources like the U.S. Census Bureau, Harvard’s Joint Center for Housing Studies, Urban Institute, CBRE, and Zillow help paint a clear picture. The tone remains neutral and data-driven, with a subtle takeaway: in an era of steep homeownership barriers, investing in rental housing (multifamily assets) may be a savvy strategy to meet the needs of America’s “renters by necessity and by choice.”

The Housing Affordability Crunch: Record Prices and Rising Rates

Homeownership has simply become unaffordable for many. The past few years have seen an extraordinary run-up in housing costs. According to Harvard’s Joint Center for Housing Studies, U.S. home prices rose ~40% in just the two years from early 2020 to early 2022, and despite recent cooling, prices remain elevated well above pre-pandemic levels. At the same time, mortgage rates jumped from historic lows (~3% in 2021) to two-decade highs (>6.5%–7% in 2023–2024). Harvard researchers note that the monthly payment on a median-priced home (including principal, interest, taxes and insurance) skyrocketed from about $2,200 in January 2022 to over $3,100 by late 2022 as 30-year mortgage rates shot up. Although rates leveled off somewhat around mid-2023, the typical payment has hovered near $3,000 – roughly 35–40% higher than at the start of 2022.

To afford such payments, households need significantly higher incomes. The Joint Center’s data showed that by 2023 a renter household needed an income of roughly $120,000+ to afford the median home’s monthly costs. Little surprise, then, that homebuying demand plummeted once rates spiked. First-time mortgage originations dropped 22% in 2022, including a nearly 40% year-over-year plunge in late 2022. By 2024, home sales had fallen to their lowest volume since the mid-1990s. The National Association of Realtors (NAR) likewise reports that the share of first-time buyers in the market collapsed to just 21% in 2025, an all-time low, as many younger households remain sidelinednar.realtor.

Another dimension of the affordability crunch is general inflation and expenses that make saving for homeownership harder. Fast-rising rents (detailed below), high student debt loads, and increased prices for everything from food to cars have squeezed household budgets. Homeowners’ insurance premiums jumped 57% since 2019 and property taxes are up as well, adding to the ongoing costs of ownership. With wages not keeping pace with housing prices, the hurdle of amassing a down payment and qualifying for a mortgage has grown taller. Housing unaffordability is now delaying major life milestones – many young adults are postponing marriage, children, and home purchase as they try to navigate this financial strain. As the Urban Institute observes, “rising interest rates and house prices further prevent renters from leaving the rental market to buy their own home”, leading some to delay household formation altogether.

Supply constraints exacerbate the issue. A decade of underbuilding left the U.S. several million homes short of demand, according to both Urban Institute and CBRE analyses. That shortage – especially of affordable starter homes – drives prices higher. It’s compounded by a “lock-in effect,” where existing owners with ultra-low mortgage rates are hesitant to sell and give up their 3% loans, further limiting inventory for new buyers. With supply tight and costs high, the national homeownership rate has actually begun to fall, dipping to 65.6% in 2024 (the first decline in eight years). In short, the affordability crunch has created a perfect storm: many renters who want to buy simply cannot, and some who could buy are choosing not to in this climate.

Homeownership Delayed – Especially for Younger Americans

One of the clearest signs of this trend is the aging of first-time homebuyers and the prolonged renting of younger generations. The median age of a first-time homebuyer in the U.S. has now reached 40 years old, an all-time high, according to NAR’s latest Profile of Home Buyers and Sellersnar.realtor. That’s nearly a decade older than the typical first-time buyer of past generations. In fact, NAR’s data shows the first-time buyer share of the market has shrunk by half since the early 2000snar.realtor. Today’s would-be buyers in their 20s and 30s are renting far longer before taking the ownership plunge – if they take it at all. Zillow’s Consumer Housing Trends Report found that the median age of U.S. renters rose to 42 in 2024, up dramatically from age 33 just three years prior. In other words, many millennials who might have become homeowners by their early-30s a decade ago are still renting into their 30s and 40s now.

Government data confirms that homeownership rates for young adults have slid backward. Census Bureau figures show that in 2023, the homeownership rate for householders under age 35 was just 36.1%, the lowest of any age group and down from about 39% a few years earlier. Historically, many Americans purchased their first home in their late 20s or early 30s. Now that timeline has stretched out considerably – if it hasn’t been derailed entirely. Surveys indicate a growing share of young adults expect to rent indefinitely: one recent survey found the percentage of renters who foresee renting as their “lifelong” situation jumped 33% from 2018 to 2021, now representing about 20% of all renters.

Millions of potential first-time buyers have effectively been “priced out.” During 2022’s interest rate spike, millions of renter households who previously could afford a median-priced home lost that ability. Harvard’s Joint Center estimates that from early 2022 to early 2023, the number of renters who could afford the median home shrank by 2.4 million – a 32% drop, as monthly payments surged. Similarly, a 2025 CBRE analysis found that only 12.7% of renter households nationwide can afford the monthly costs of a median-priced home, down from 17% in 2019cbre.com cbre.com. That translates to roughly 1.8 million renters who would have been able to buy a few years ago but no longer can due to higher rates and pricescbre.com. The impact falls hardest on younger and minority households: between March 2022 and March 2023, the number of Black renter households who could afford a median home plummeted by 39%, and Hispanic renters by 37%, versus a 30% drop for white renters.

This wave of sidelined buyers is directly feeding the renter population. After a brief dip during the pandemic homebuying boom, the renter household count is on the rise again. Harvard’s latest report notes that renter household formation roared back in 2023–2024, growing by over 400,000 in 2023 and then accelerating to an 850,000 household increase in 2024. Many of these are young adults who, in another era, might have transitioned into homeownership by now. Instead, they’re doubling up or staying in the rental market. Even the largest generation – millennials now in their late 20s to early 40s – has not made the mass leap to owning that some expected. “The large millennial generation wanting to move into a larger space [find] high and unpredictable mortgage rates and hefty down payments are pushing some to rent that lifestyle instead of buying it,” observes Zillow’s Chief Economist Skylar Olsen. In other words, millennials still aspire to the space and comfort of a single-family home – but increasingly, they are renting single-family homes (or larger apartments) because buying is out of reach or deemed too risky right now.

Renting vs. Owning: Monthly Cost Comparison over Time

Is it cheaper to rent or to own in today’s market? By many measures, renting currently carries a financial edge in the short-to-medium term, whereas homeownership’s benefits are more long-term (equity build-up, price appreciation). The gap between monthly rent and mortgage costs has become especially pronounced in the past few years. According to a March 2024 report by CBRE, the average monthly mortgage payment (including taxes) on a typical U.S. home is about 38% higher than the average apartment rent – the widest gap in over 50 years. CBRE notes that mortgage payments have soared 75% since late 2019 due to rising rates and prices, far outpacing rent growth in that period. In practical terms, a $2,000 rent payment might be equivalent to a ~$2,750 cost to own the same unit (after accounting for mortgage, taxes, insurance, etc.). Other analyses concur: John Burns Real Estate Consulting found that historically it was about 15% more expensive to buy than rent on average, but by 2023 it was 44% more expensive to buy – an unprecedented premiumjbrec.com.

To illustrate the trend, Figure 1 below shows the national average rent vs. buy costs over the past decade. The lines indicate a clear widening of the gap in the 2020–2023 period, as mortgage payments (blue line) climbed sharply while rents (orange line) rose more gradually. (Interactive chart: toggle metro areas to see local rent vs. buy cost differentials.)

Figure 1: Typical Monthly Mortgage Payment (including taxes/insurance) vs. Rent. The gap between buying and renting costs has reached a record high since 2022, as illustrated by the widening spread between the mortgage payment (blue) and rent (orange) lines. [Source: MBA Newslink / CBRE] (Interactive: Select different metro areas to explore local rent vs. buy comparisons.)

Importantly, these comparisons assume a buyer is financing their home purchase – often with a smaller down payment. In Zillow’s analysis, if a buyer can put 20% down and exclude taxes and insurance, owning can be cost-competitive with renting in some markets. For example, as of late 2024, Zillow found that in 22 of the 50 largest metros, the monthly mortgage (principal + interest only) was slightly lower than the median rent – particularly in cities like Chicago, New Orleans, and Pittsburgh. Nationally, by Zillow’s math, the “typical” rent was about $2,063 versus a $1,827 principal+interest payment on a typical home – a ~$236 monthly savings for owners before adding taxes, insurance, and maintenance. However, the reality is that many first-time buyers do not have 20% down, and those additional ownership costs are significant. When you factor in property taxes, insurance, and upkeep, the monthly cost of ownership often exceeds rent in most markets for those without substantial equity. Moreover, renters don’t have to tie up tens of thousands of dollars in a down payment, and they avoid exposure to interest rate risk. As Zillow Home Loans’ economist put it, “Coming up with the down payment is still a huge barrier” even if monthly payments might look reasonable in some locales. This barrier helps explain why so many renters remain renters.

Meanwhile, rents have been rising as well, though not as explosively as home purchase costs. Nationwide rents surged during the pandemic boom (up ~16% in 2021 alone), but have since moderated. As of mid-2025, annual rent inflation is back in the low-single-digits (3–4% year-over-year) – closer to historical norms. Still, rents today sit roughly 30–35% above pre-pandemic levels on average. Zillow’s data shows the typical U.S. rent in mid-2024 was about 34% higher than in early 2020. In some high-demand metros, the rent increases of the last decade have been extreme: e.g. Single-family home rents are up 41% since before the pandemic nationally (with apartment rents up 26%). And half of renter households now spend more than 30% of their income on rent – crossing the threshold of “cost burdened.” In fact, the share of cost-burdened renters hit 50% in 2024, a record high, with over 27% of renters severely burdened (spending >50% of income on rent). By comparison, about 25% of homeowner households are cost-burdened, since many owners locked in low rates or have smaller payments after years of equity gains.

The net effect is that neither renting nor owning is “cheap” in absolute terms – housing eats up a large chunk of income in both cases – but owning a home has become relatively more expensive on a monthly basis for new entrants. Mortgage payments may eventually come down if interest rates retreat, but even optimistic forecasts see the rent-vs-buy gap “narrowing” only slightly to ~32% by the end of 2025 (from 35% now). In other words, unless home prices drop substantially (unlikely without a major increase in supply) or rates fall back near 4%, the financial calculus will continue to favor renting in many situations. For households on the margin, renting provides flexibility and a lower up-front cost, albeit without the long-term wealth-building of home equity. As we discuss next, this sustained tilt toward renting is reshaping the rental housing market – and presenting opportunities for investors in multifamily real estate.

Impact on Rental Demand and the Multifamily Market

The shift of would-be buyers into the renter pool has supercharged demand for rental housing. As noted, 2024 saw an unprecedented surge of ~850,000 new renter households, following a 400,000 increase in 2023. This comes after a period (2016–2019) when the number of renters was flat or even declining slightly as homeownership ticked up. Now that trend has reversed. Rental vacancy rates, which had spiked early in the pandemic, have tightened again – vacancies declined in nearly 90% of large markets in 2024 as renter demand absorbed the new supply of units coming onto the market. Nationally, the rental vacancy rate is back near historic lows, putting landlords in a stronger position after a brief renter-friendly window.

Interestingly, multifamily construction boomed in 2021–2023, delivering a record number of new apartments – over 600,000 new multifamily units were added in 2024 alone, the largest annual addition in nearly 40 years. This new supply, concentrated in many Sun Belt and urban markets, has helped temper rent growth in some areas. In fact, rent increases cooled markedly in 2023 compared to the prior year, and some previously red-hot markets saw rents flatten or even dip as a wave of new apartment buildings opened. However, renter demand has grown even faster than supply. Despite the construction boom, the renter population increase outpaced new units, contributing to the tighter vacancies and ongoing rent pressure. This imbalance – more renters chasing units – is one reason rents remain high and are expected to keep climbing in many markets, though at a more modest rate.

Industry analysts forecast above-trend rent growth to continue in the coming years. For instance, CBRE projects multifamily rents will rise about 3% annually over the next five years, slightly exceeding the pre-pandemic average of ~2.5%. Even as home price appreciation cools, robust renter demand and limited supply (especially of affordable rentals) should support consistent rent increases. From an investment standpoint, multifamily assets are benefiting from historically high occupancy and the ability to push rents steadily. CBRE notes that multifamily occupancy rates are likely to stay above historical averages for years to come, given how many renters have been locked out of buying. Higher occupancy + rising rents = healthy net operating income for well-leased rental properties. Indeed, multifamily real estate fundamentals held strong even through the 2022–23 interest rate turmoil – national apartment vacancy sits around 6% and rent growth, while down from double digits, is positive in most markets.

It’s worth noting that rental demand is broad-based: it’s not only young singles in urban apartments, but also families seeking suburban rentals. The single-family rental (SFR) market has exploded as more families and middle-income households rent homes. Zillow’s data shows single-family home rentals (houses with yards, etc.) have a rent premium of ~20% over multifamily units now, reflecting heavy demand for that product. In fact, SFR rents are rising faster than apartment rents – up 4.4% year-over-year versus ~2.4% for multifamily as of early 2025. This aligns with the narrative of millennials “renting the home lifestyle”: many are having kids or desiring more space, and if they can’t buy a house, they’ll rent one if possible. As Zillow’s Olsen noted, “right now, more multifamily units are hitting the market than at any time in 50 years, but detached [single-family] homes aren’t seeing the same surge in construction… [yet] we’ve got the large millennial generation wanting larger space.” So demand for renting detached homes is outpacing supply, driving those rents to record highs. This has spawned a new asset class of build-to-rent (BTR) communities, where developers build subdivisions of homes specifically to rent out rather than sell.

From an investor perspective, these trends suggest favorable conditions for rental housing owners. High demand and limited affordable homeownership options mean a deep tenant pool for quality rentals. Even in a recession scenario, the fundamental need for housing remains, and those who can’t buy will rent. It’s telling that despite a massive pipeline of new apartments, half of renters are still cost-burdened – an indication of just how strong demand is relative to supply, especially at lower price points. Moreover, the recent pullback in development (multifamily housing starts fell ~14% in 2023 and another 25% in 2024 amid higher financing costs) could lead to a future supply crunch once the current wave of projects is absorbed. Fewer new apartments started now means fewer delivered two years from now, tightening vacancy again. This cyclical nature often underpins sustained rent growth.

In summary, as long as buying a home remains prohibitively expensive for a large segment of the population, the rental market will enjoy an expanding customer base. Institutional investors have taken note – they are pouring capital into multifamily and single-family rentals, confident that occupancy will stay high. And smaller landlords too are seeing opportunities, from converting starter homes into rentals to catering to those lifestyle renters seeking higher-end lease options. The data and forecasts suggest the “American dream delayed” phenomenon will keep rental housing demand robust for the foreseeable future.

Cultural Shift: Renting as a Lifestyle Choice, Not Just a Last Resort

Beyond pure economics, there is a perceptible cultural shift in attitudes toward renting. While older generations often viewed renting as a temporary stage before homeownership, many of today’s renters are embracing the flexibility, mobility, and convenience that renting can offer. A recent survey of residents in large apartment communities found that 4 in 10 renters do not see homeownership as part of their “American Dream.” These “lifestyle renters” are often renting by choice, opting for high-quality rental housing that provides the amenities of owning without the burdens. They value the fact that renting transfers maintenance and repair responsibilities to the landlord, and it allows them to relocate more easily for career or personal reasons. In a National Multifamily Housing Council survey, 60% of renters cited “maintenance-free living” as the biggest benefit of renting. Not having to worry about mowing lawns, fixing leaky roofs, or saving for a new furnace is a real attraction, especially for busy professionals.

“Renters by choice” also tend to prioritize lifestyle amenities and location. They are willing to pay a premium for apartments or rental homes with modern finishes, on-site gyms and pools, co-working spaces, smart home technology, and proximity to restaurants, transit, and work hubs. In response, the multifamily industry has upped its game – new luxury apartment towers and BTR communities often resemble resorts or tech campuses, offering everything from concierge services to dog spas. Even existing apartment properties are adding community events and app-based services to enhance resident experience. The goal is to attract and retain “renters by choice” who might have the income to buy, but prefer the rental lifestyle for now. These renters skew a bit older than the fresh-out-of-college crowd – the average age of a “lifestyle renter” is around 44 (about 10 years younger than the average homeowner), with the cohort including successful young professionals, dual-income couples without kids, and even downsizing empty nesters. Both Millennials and Gen Z are contributing to the trend (many of the youngest Gen Z adults are renting high-end units straight out of school), and interestingly, some Baby Boomers are too – retirees who sell their suburban homes and choose to rent in 55+ communities or urban condos for flexibility.

Several factors have eroded the old stigma around being a “forever renter.” One is the recognition that homeownership isn’t the only path to financial security – especially if entry costs are so high. Younger generations saw the housing crash in 2008 and are arguably more comfortable with the idea of renting long-term if it suits their lifestyle or finances. Another factor is the rise of remote work. With many jobs no longer tied to a fixed office, people value the ability to move cities or try new locales – something much easier to do when renting (breaking a lease or subletting) than when selling a home. As the Arbor Realty Trust research team noted, “Homeownership is no longer the yardstick by which adulthood is measured. Renters are staying put and prioritizing quality of life… the pandemic accelerated the decoupling of work and home location, making suburban and rural rentals more attractive”. In other words, the old narrative “renting is just throwing money away” carries less weight for those who see renting as buying flexibility and lifestyle.

Investors and landlords have adapted to serve this growing class of “lifestyle renters.” On the institutional side, entire companies and funds are dedicated to acquiring or building rental homes in desirable school districts and neighborhoods, specifically targeting families who choose to rent. The build-to-rent (BTR) model – constructing single-family homes or townhouses that are never sold, only rented – is booming, with BTR developments popping up nationwide to meet demand. These communities often offer the best of both worlds: a private home with a yard and garage, plus on-site management and amenities like a pool and dog park (things a typical homeowner might not get in an entry-level subdivision). Large property management firms are also innovating, using tech platforms for maintenance requests, rent payments, and even community social networks, to provide a seamless renter experience. As one industry insider put it, large-scale single-family rental operators can sometimes provide cost savings and better service for renters through more professionalized management – a far cry from the stereotype of the “absent small landlord.”

Smaller landlords and local owners are adjusting too. Many are upgrading units with granite countertops and in-unit laundry to compete for higher-paying renters. Others emphasize responsive maintenance and online conveniences to keep tenants happy. The savviest are marketing their rentals not as a stopgap, but as a desirable housing choice. For example, some suburban landlords now highlight that renting their home means “no surprise repair bills, no property taxes, and the freedom to move after a year” – appeals aimed at exactly those lifestyle renters who could buy but might not want the strings attached.

All of this is not to say homeownership is obsolete – far from it. Owning a home is still a cherished goal for many and remains the primary source of wealth for middle-class Americans. Over the long run, owners generally build equity and benefit from home value appreciation, whereas renters do not. Housing experts worry about the implications of delayed ownership – NAR estimates that buying a first home at age 40 instead of 30 could mean forfeiting $150,000+ in accumulated equity by retirementnar.realtor. That is a real cost to this “American Dream delayed.” However, for the current generation of young households, the immediate calculus is often forcing the rental route. Cultural attitudes have shifted to accommodate that reality, with less social pressure to own by a certain age. In a sense, many Americans are redefining the American Dream on their own terms, focusing on lifestyle and financial flexibility in the present, and revisiting homeownership when (and if) it aligns with their circumstances.

Outlook: A Lasting Trend and What It Means for Investors

Looking ahead, the forces that have tilted the scale toward renting show little sign of abating quickly. Housing affordability will likely remain a challenge for years. Even if mortgage rates gradually ease from their peak, few expect a return to the 3% ultra-low rates that fueled the last homebuying frenzy. Rates in the 5–6% range, combined with still-high home prices, would keep monthly mortgage payments elevated relative to rents. And while there are some efforts to increase housing supply (e.g. zoning reforms, incentives for starter home construction), it will take many years of above-normal building to bridge the multi-million unit housing deficit the U.S. has accumulated. In the meantime, rental demand is unlikely to slacken. The sheer size of the millennial and Gen Z cohorts – who will be the prime renter age group for the next decade – guarantees a substantial renter population. Unless there is a dramatic improvement in affordability, a significant share of these young adults will continue to age into their 30s as renters rather than owners. The latest data already bear this out, as we’ve seen with first-time buyer ages reaching 40 and homeownership rates for under-35 households sliding to record lows.

Demographic and societal trends also support a persistent rent-vs-own dynamic. Americans are increasingly marrying and having children later in life – life events that traditionally trigger home purchases are happening later, if at all. The rise of single-person households (now ~28% of all households) means more people who might find renting more practical for a single income. And some older homeowners will cash out and join the renter ranks for convenience, adding to demand on the other end of the age spectrum. On the economic front, if we enter a recession or period of job uncertainty, people may be even less inclined to take on the risk of a home purchase, opting to stay nimble by renting. In short, the structural factors suggest America is likely to remain a nation of both renters and owners, but with the renter side making up a larger share than in previous generations. The rentership rate (the inverse of homeownership) could very well climb further in the coming years. In fact, we saw the national homeownership rate tick down to ~65% in 2024, and it may drift lower if high costs persist.

For multifamily and rental property investors, these trends underscore a relatively bullish outlook. A larger renter pool for longer means sustained demand for apartments and rental homes, supporting occupancy and rent growth even in a softer economy. As noted earlier, industry forecasts call for solid rent increases around 2.5–3% annually over the next five years, outpacing inflation in many scenarios. Asset values for multifamily properties are ultimately underpinned by rents and occupancy, so continued strength there should bolster valuations (though higher interest rates have offset some of those gains in the short run by raising cap rates). Additionally, the shift in mindset toward long-term renting could open up new niches to serve: for example, more upscale rentals in suburban markets, or blended offerings like rent-to-own programs for those who want the option to buy later. Institutional investors are already actively expanding in the single-family rental space, as well as acquiring garden-style apartments in growing metro areas, aiming to capture the influx of renters who might otherwise have bought homes. Smaller investors might find opportunity in rental properties that cater to “renters by choice” – for instance, acquiring a handful of single-family homes in a good school district and offering them as an alternative to buying for local families. So long as those households remain priced out of purchasing, such rental investments can yield stable returns.

Of course, investors must still be mindful of local conditions. Not all rental markets will outperform equally – some Sun Belt cities have a lot of new supply coming (temporarily easing rent growth), while some expensive coastal cities are seeing outmigration. Due diligence on factors like job growth, migration trends, and housing supply is key. But nationally, the big picture is clear: the affordability challenges in the for-sale market are not a short-term blip but part of a longer-term cycle, and that will keep many Americans renting by necessity. Furthermore, an increasing acceptance of renting as a viable long-term lifestyle choice means even those with means may continue renting for flexibility or preference.

In conclusion, the “American Dream” of homeownership hasn’t died – but for a growing share of households, it’s being deferred or reimagined. High costs have forced millions to embrace renting – some reluctantly, others willingly – for the foreseeable future. This paradigm shift is already reshaping the housing landscape: homeownership is coming later in life (if at all), and the rental market is swelling with both opportunity and responsibility to accommodate these households. For policymakers, the trend raises important questions about housing affordability and equity; for investors and the real estate industry, it affirms the importance of quality rental housing as a cornerstone of the market. As one CBRE researcher summed it up, “The disparity between mortgage payments and rental costs presents a substantial hurdle for aspiring homeowners”, and many are concluding that renting is the pragmatic choice for now. Until that changes, multifamily and rental housing will remain front and center – not only as a roof over peoples’ heads, but as an attractive asset class in an evolving American Dream.

Sources:

U.S. Census Bureau – 2023 Housing Affordability Report (homeownership rates by age); Housing Vacancies & Homeownership data (homeownership rate trends)
Harvard Joint Center for Housing Studies – State of the Nation’s Housing 2023 & 2025 (housing cost and affordability data)
Urban Institute – 2024 Roadmap for Affordable Housing (analysis of delayed household formation and supply shortages)
National Association of Realtors – 2025 Profile of Home Buyers and Sellers (first-time buyer stats, median age)nar.realtor
Zillow Research – Consumer Housing Trends Reports & Market Reports (rent vs. buy comparisons, renter demographics, rent growth)
CBRE Research – 2024–2025 Multifamily Briefs (affordability gap, forecasted rent growth, renters unable to buy)
Joint Center for Housing Studies – Housing Cost Burdens 2023 (record cost-burdened renters)
Arbor Realty Trust – Lifestyle Renters and the New American Dream, 2025 (survey on renters by choice and amenity preferences)
Mortgage Bankers Association Newslink – “Renting Less Expensive Than Buying” (Mar 2024), summarizing CBRE analysis.