Every year brings change, but one of the best parts about the end of a decade is reflecting on how things have developed over a longer period of time. This week, we take a look at a recent article from RENTCafé that analyzes 15 trends seen in housing over the past 10 years.
One of the most striking trends is a rise in the number of American renters — the total number of which just reached over 100 million. (For context, the U.S is home to nearly 332 million people). And many of these residents are renting by choice rather than as a financial necessity, as was more common in the beginning of the decade.
In fact, since 2010, the population of rental households has grown twice as quickly as the population of homeowners. This increase in renters crosses all generations — the number of renters age 60 and older grew by 32%; renters under 34 grew by 3% and those between the ages of 35 and 59 grew by 7%.
Homeowner stats changed dramatically too across generations. Looking at those same age groups — the number of homeowners went up by 23% amongst Americans 60 and over. However, there was a 5% drop in the number of homeowners 34 and under and an 8% drop in those within the 35 to 59 age group.
This past decade also marked a dramatic increase in the cost of housing. Between 2010 and 2019, the cost of the nation’s average rent went up by 36% (which translates to $390 a month) and the median home price by 31% (or about $55,083).
And while America’s average household income rose 27% this past decade, the cost of housing across the board rose in most of the nation’s largest cities, where the change in median household income was often outpaced by the rise in housing prices.
TRENDS IN TEXAS
The 2010s also saw more and more Americans moving from expensive metro areas to more affordable ones, like those here in Texas. In RENTCafé’s list of the top 20 U.S. cities with the highest influx of people over the past decade, Texas dominated the rankings with 4 metro areas: Houston, Dallas-Fort Worth, Austin, and San Antonio.
Texas was also at the forefront of another major housing movement this decade — the boom in apartment construction. Again, out of a list of the top 20 cities with the most apartments built over the past ten years, Texas had the most.
Dallas-Fort Worth ranked #1 in the nation for new apartment construction, with Houston following at #3, Austin at #8, and San Antonio at #13.
For the complete list of this past decade's housing trends and more information as it relates to Texas, click here. We look forward to the decade ahead and continuing to provide programs and initiatives designed to meet Texans' housing needs.
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.