What percentage of Americans rent?

In short, what percentage of Americans rent? Roughly one in three: the Census American Community Survey shows 34.8% of US households rent. Homeownership stands at 65.5% for Q3 2026, according to the Census Housing Vacancy Survey. Renter households number 46,251 thousand, or roughly 46 million. Renting that common isn't a failure, and it is also the cheaper path in most big cities.

Renter and homeowner counts throughout the US

Surveys count housing by each home or each adult. The person listed on a lease or deed is the householder that the Census tracks. In that home, roommates and grown children aren't counted as separate households.

In the Federal Reserve 2024 survey of adults, 63% owned and 28% rented. The remaining adults neither owned nor rented. This makes the adult renter share appear lower than the household share.

Among Millennials and Gen Z, what percentage own a home?

During your twenties and thirties, renting is the normal starting point. You're not behind. Among householders under 35 in Q3 2026 Census data, 36.6% owned a home, compared with 79.1% for those 65 and over. 10.4 million renter households are headed by Gen Z, which represents 23% of renters in 2024, according to Harvard's Joint Center for Housing Studies.

Among adults aged 18 to 29, the 2024 Federal Reserve survey reports that 25% own and 45% rent. For adults aged 30 to 44, the core Millennial group, Federal Reserve data shows 58% own and 36% rent. Among people age 60 and up, Federal Reserve figures report 84% as owners and 14% as renters. Most people rent as they build savings and career flexibility.

Homeownership rate by state and region

Your location affects whether your neighbors rent or own. According to Q3 2026 Census figures, homeownership is 69.5% for the Midwest, 67.2% for the South, 62.9% for the Northeast and 60.6% for the West. Rural states have far fewer renters than big job hubs.

The 813 cities listed in rent vs buy by city show a median renter share of 42%. The median is the middle value once you order cities from lowest to highest. In rent vs buy by state, compare renter share, rent and home price for every state:

Sources: Census ACS 2020-2024, housing tenure (B25003) for tenure, plus median gross rent (B25064); typical home value comes from Zillow ZHVI.

What percentage of Americans rent by income and choice?

Income divides renters by necessity from those who rent by choice. 35% of adults earning under $50,000 owned a home, compared with 85% of those at $100,000 or more, according to the 2024 Federal Reserve survey. Still, the number of higher-income renter households rose by 1.7 million between 2021 and 2024, per Harvard's rental report. To stay mobile and avoid steep monthly bills, some high earners choose to rent.

Yet high prices stop most renters from buying. For a median home in 2024, a first-time buyer making a 3.5% down payment needed income of $126,700, according to Harvard's study. Of nearly 46 million renters, only 6 million could afford that price, notes the same Harvard release.

In 2024, the median income for renter households was $53,700, 46% below what owners earned, per Harvard's key facts. Harvard's press release says 22.7 million renter households were cost burdened in 2024, equal to 49%. If you spend over 30% of your income on rent and utilities, Harvard calls it cost burdened.

Why do people rent instead of buy a house?

Today, owning a home costs far more each month than renting does. For a $332,700 US home, the Freddie Mac rate of 7.24% means a loan payment alone of $1,814 a month. With taxes, insurance and home maintenance at 1% a year added, the owner spends $2,461 a month.

If you count the lost return on your cash, the cost of owning a home reaches $2,950 a month. The median rent across the US is $1,413. Buying also comes with 3.5% in closing bills, and selling comes with 6%. If you move within a few years, your equity gains disappear. Compare both choices in the pros and cons of renting and buying.

Investing your down payment while you rent instead of buying

If you invest the savings that a house would tie up, renting becomes a strategy. A down payment of 20% on the $332,700 home is $66,540, and buying costs add $11,645, so you need $78,185 upfront. Since 1928, a balanced mix of stocks and bonds has returned 8.3% a year, according to NYU Stern. Markets fall during bad years, so patience is necessary.

Growing at 8.3% a year, $78,185 reaches $137,000 after 7 years, $259,000 after 15 years and $855,000 after 30 years. Our rent and invest vs buy model covers 813 cities. Renting comes out ahead over 7 years in 580 of them, or 71%. Year 10 is the median break-even point, while owning still doesn't catch up within 30 years in 134 cities. The break-even year is when buying finally costs less than renting after all money is counted. Use the rent vs buy calculator to work out your own numbers.