Three Types of Metros with the Most Renters via Property Management Insider

Across the country’s largest metros, residents of the Los Angeles-Orange County area have the highest propensity to rent, rather than own, their housing. Census Bureau information shows that rental units are the choice for 52.4% of all households in this locale, compared to the U.S. norm of 36%.

The key influence behind the high propensity to rent is just what you think it is – expensive for-sale home prices that are beyond the affordability reach of much of the populace. The National Association of Realtors places the median sales price of recent transactions in Los Angeles-Orange County at just under $500,000, and Zillow reports typical home values in the area at just over the half-million-dollar mark. Half of the nation’s 10 metros with the highest propensity to rent are simply very expensive places to buy. Take a look at this infographic of the hottest metros for renters across the nation:

Read more...Three Types of Metros with the Most Renters | Property Management Insider