Over 200 Suburbs Have More Renters Than Owners

Renters outnumber homeowners in 203 suburbs across the nation’s 20 largest metros, according to Point2Homes. 

In five years alone (2018-2023), 15 suburbs flipped from having a majority of owners to a majority of renters. This includes the Philadelphia suburb of King of Prussia, which went from having a 41.1% renter share to a 52.0% share. 

Other Pennsylvania suburbs that have more renters than owners include: 

• West Chester (65.1% renters) 
• Coatesville (64.2%) 
• Chester (59.1%) 
• Darby (50.2%) 

The number of renter households also more than doubled in 15 suburbs, including Fulshear, Texas, and Woodbridge, Virginia, during the same time period. Additionally, 104 suburbs gained more than 1,000 renter households, and five metros saw their suburbs gaining renters faster than their cities. 

The shift from owning to renting in the suburbs may be attributed to the uptick in remote work, as Point2 reports that 68% of U.S. employers were offering location flexibility as of late 2024, allowing more renters to live farther from traditional job centers. 

Renting also provides more flexibility for those not wanting to be tied down by a long-term mortgage, especially millennials and Gen Zers. These groups may also favor the space and privacy that suburban renting offers compared to in-city renting, especially in combination with not having to face property taxes, maintenance expenses, in-city costs of living and more.