Americans are paying more in rent
Fewer Americans own their homes and those who rent are paying more.
That’s what a study by online real estate marketplace, Zillow, recently found when analyzing data from 2014. This year, 770,000 households became new renters, a 2 percent increase from 2013.
Not only are more Americans turning to rental properties, they’re also spending more. In 2014, American renters spent $20.6 billion more than they did the year before on rent. ZIllow estimated that rents will increase another 3.5 percent next year.
In Philadelphia, renters paid an average of $23 more every month in 2014 than they did a year before, affecting approximately 1.55 million people, according to the National Multifamily Housing Council.