PYMNTS’ Daily Data Dive: Is Home Buying Going Away?

As real estate prices continue to rise every year and the millennial generation is in debt due to student loans, it’s not surprising that fewer people are running out to buy a home.

Bloomberg peeked through the U.S. Census Bureau data on home buying over the past few years and found that renters are beginning to outpace home buyers.

Here are the numbers:

49 percent | Percentage of homeowners in Detroit in 2015

55 percent | Percentage of homeowners in Detroit in 2009

52 | Number out of 100 U.S. cities that had a renting majority in 2015

Under 1 million | Amount of homes on the market in 2017

2030 | Year through which 2015 Urban Institute predicts renting rates to increase