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Report Finds Northeast Cities Home to Most Renters Nationwide
In 2024, Americans are finding themselves navigating two different living situations: to buy or to rent. A significant portion of the U.S. population is renting for a longer period of time whether due to financial or personal factors.
Using U.S. Census Bureau data from more than 300 cities, we found the areas across the country home to the most renters and those with the most homeowners. Similar to our 2022 report findings, the Northeast remains home to many renters.
Top U.S. Cities for Renters and Homeowners: Regional Breakdown
Hartford, Connecticut is home to the most renters across the U.S. Over 3 in 4 (76.5%) people living in Hartford are renting. Since our last report, the city has moved up from 5th position, now surpassing Newark, Paterson, and Elizabeth, New Jersey. Rounding out the top five cities in 2024 are Elizabeth, New Jersey in second with 75.5% renters, Paterson, New Jersey at 72.9%, New Haven, Connecticut at 71.5%, and Newark, New Jersey with 70.4% renters. In fact, the Northeast makes up eight out of the top ten cities across the nation with the most renters. The two outside of the East Coast are Miami, Florida at #7 with 69.7% renters, and College Station, Texas at #9 with 66.9%.
When it comes to the cities with the most homeowners, the results include several places on the West Coast. Coming in at number 1 is Buckeye, Arizona with 85.8% of owners, followed by Port St. Lucie, Florida with 84.6%, and Rio Rancho, New Mexico with 84.5%.
U.S. Cities with the Most Renters and Homeowners
While the Northeast dominates the top 10 cities with the most renters, California is also home to several in the Top 20. Glendale, CA ranks #11 with 66.7% of renters, and Inglewood, CA comes in at #13 with 66.2%. Los Angeles and Costa Mesa also made it into the ranking.
Compared to our 2022 study, Buckeye, AZ and Port St. Lucie, FL remain the #1 and #2 cities with the most homeowners. The other top cities for homeowners include Rio Rancho, NM; Menifee, CA, Sugar Land, Texas; Palm Coast, FL; Surprise, AZ; Centennial, CO; and Naperville, IL.
These Are the U.S. Cities With the Most Long-Term Renters
While some cities are home to the most renters or homeowners right now, we also wanted to find the cities with the most long-term renters, or people who haven’t moved in 25+ years. The place home to the most tenured renters is New York City. The Big Apple has 5,188 long-term renters per 100,000. San Francisco ranks #2, followed by Los Angeles, Boston, and Washington D.C.
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Methodology
To determine the cities with the highest percentage of renters and homeowners, we analyzed U.S. Census Bureau data from more than 300 cities with populations of at least 100,000. We found the cities with the most tenured renters by analyzing the numbers of renters per capita that moved in at least 25 years ago.
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Read more:
Cities With the Most Renters and Homeowners 2022
Converting Your Primary Residence Into Rental Property
Opportunities of the 1031 Exchange
What is a 1031 Exchange?
Capital Gain Estimator
1031 Knowledge Center
