Boston Real Estate Investors Association

Renters Spent $4.5 Trillion on Housing During 2010s

Renters Spent .5 Trillion on Housing During 2010s

According to recent report from Zillow, renters spent a cumulative of $ 4.5 trillion on rent during the 2010s.  In fact, they point out that in 2019, renters spent more than $ 512 billion on housing – the most of any year in this decade. Not surprising, metro New York renters spent the most in 2019 and throughout the decade, followed by Los Angeles and San Francisco.

“While the total amount of rent paid has increased each year this decade, that trend is by no means immutable,” said Zillow Group Economist Joshua Clark. “With rental appreciation expected to decrease in the coming year and a homeownership rate that has been ticking up over the past few years, a small or even negative change in total rental spending could be in the cards in the early 2020s.”

Metropolitan Area

Total Rent Paid
2010-2019

Total Rent
Paid 2019

1-year Change in
Total Rent Paid

10-year Change
in Total Rent Paid

United States

$ 4.5 trillion

$ 512.4 billion

2.9%

46.5%

New York, NY

$ 506.9 billion

$ 56.6 billion

3.0%

35.0%

Los Angeles-Long Beach-Anaheim, CA

$ 345.9 billion

$ 39.2 billion

1.9%

38.7%

Chicago, IL

$ 137.7 billion

$ 15.2 billion

2.9%

35.8%

Dallas-Fort Worth, TX

$ 104.2 billion

$ 13.2 billion

3.2%

83.7%

Philadelphia, PA

$ 80.8 billion

$ 9.2 billion

2.9%

45.8%

Houston, TX

$ 90.4 billion

$ 10.8 billion

1.7%

65.8%

Washington, D.C.

$ 133.6 billion

$ 15.1 billion

3.7%

55.6%

Miami-Fort Lauderdale, FL

$ 106.2 billion

$ 12.3 billion

2.1%

54.5%

Atlanta, GA

$ 76.2 billion

$ 9.8 billion

5.4%

84.5%

Boston, MA

$ 98.1 billion

$ 11.3 billion

1.4%

48.7%

San Francisco, CA

$ 141.1 billion

$ 16.4 billion

2.3%

56.4%

Detroit, MI

$ 44.7 billion

$ 5.0 billion

0.5%

38.2%

Riverside, CA

$ 63.1 billion

$ 7.4 billion

5.5%

49.7%

Phoenix, AZ

$ 63.6 billion

$ 7.8 billion

7.5%

60.4%

Seattle, WA

$ 80.0 billion

$ 10.1 billion

4.1%

71.2%

Minneapolis-St Paul, MN

$ 44.7 billion

$ 5.3 billion

3.2%

65.6%

San Diego, CA

$ 86.2 billion

$ 10.4 billion

4.9%

53.6%

St. Louis, MO

$ 27.5 billion

$ 3.1 billion

4.1%

37.8%

Tampa, FL

$ 43.9 billion

$ 5.3 billion

4.0%

61.9%

Baltimore, MD

$ 42.4 billion

$ 4.6 billion

-0.1%

36.6%

Denver, CO

$ 50.7 billion

$ 6.3 billion

3.4%

88.2%

Pittsburgh, PA

$ 22.3 billion

$ 2.5 billion

1.3%

35.3%

Portland, OR

$ 41.1 billion

$ 4.7 billion

1.7%

50.8%

Charlotte, NC

$ 28.1 billion

$ 3.6 billion

5.5%

80.3%

Sacramento, CA

$ 40.5 billion

$ 4.8 billion

4.2%

45.0%

San Antonio, TX

$ 26.8 billion

$ 2.9 billion

-0.4%

47.8%

Orlando, FL

$ 35.7 billion

$ 4.6 billion

4.3%

83.9%

Cincinnati, OH

$ 21.7 billion

$ 2.5 billion

2.4%

43.6%

Cleveland, OH

$ 23.1 billion

$ 2.6 billion

3.8%

38.8%

Kansas City, MO

$ 24.3 billion

$ 2.9 billion

3.2%

69.1%

Las Vegas, NV

$ 38.0 billion

$ 4.5 billion

5.6%

38.3%

Columbus, OH

$ 24.7 billion

$ 2.8 billion

1.1%

50.4%

Indianapolis, IN

$ 21.7 billion

$ 2.5 billion

2.6%

45.8%

San Jose, CA

$ 56.3 billion

$ 6.6 billion

0.4%

65.8%

Austin, TX

$ 36.7 billion

$ 4.7 billion

5.1%

92.6%

Virginia Beach, VA

$ 26.8 billion

$ 2.8 billion

0.4%

22.5%

Nashville, TN

$ 23.0 billion

$ 2.8 billion

2.2%

83.4%

Providence, RI

$ 22.6 billion

$ 2.4 billion

2.0%

31.9%

Milwaukee, WI

$ 22.3 billion

$ 2.5 billion

4.0%

35.6%

Jacksonville, FL

$ 18.6 billion

$ 2.3 billion

4.9%

55.6%

Memphis, TN

$ 14.7 billion

$ 1.6 billion

-2.2%

29.7%

Oklahoma City, OK

$ 14.1 billion

$ 1.5 billion

-1.1%

38.3%

Louisville-Jefferson County, KY

$ 11.9 billion

$ 1.3 billion

-0.6%

38.4%

Hartford, CT

$ 16.1 billion

$ 1.8 billion

-1.5%

38.8%

Richmond, VA

$ 16.0 billion

$ 1.8 billion

0.1%

40.7%

New Orleans, LA

$ 16.6 billion

$ 1.7 billion

-1.5%

24.2%

Buffalo, NY

$ 12.1 billion

$ 1.4 billion

3.3%

38.9%

Raleigh, NC

$ 16.5 billion

$ 2.0 billion

3.4%

91.0%

Birmingham, AL

$ 9.5 billion

$ 1.1 billion

2.3%

35.8%

Salt Lake City, UT

$ 13.1 billion

$ 1.5 billion

1.0%

49.1%

Click here to read the full story at Zillow.com.

 

The post Renters Spent $ 4.5 Trillion on Housing During 2010s appeared first on Real Estate Investing Today.

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