- Renters are financially stretched, spending an average of 40% of their income on rent—well above the 28% they view as affordable.
- Millennials feel the squeeze most, reporting the lowest job security among all generations despite being in their prime earning years.
- Only 66% of renters now consider homeownership a future goal, down from 73% in 2021, as high prices and lifestyle changes shift attitudes.
- Migration is returning to major cities, with Los Angeles, New York, and Atlanta among the top destinations as remote work declines.
Rent Taking a Bigger Bite
Globe St found that a new report from Zumper shows that US renters are increasingly rent-burdened, with nearly 60% now spending around 40% of their income on housing. That’s significantly higher than the 28% renters say would be manageable. The financial toll is reshaping lifestyle choices and future planning.
The economic uncertainty isn’t helping. Eighty-two percent of renters reported anxiety about the broader economy, and two-thirds believe the country is in a recession.
Millennials Feeling the Pressure
Despite being at peak earning age, Millennials reported the highest concerns about job stability, influencing both where they live and how they plan their careers. Affordability concerns and fear of layoffs are top of mind for this group.
Renting by Choice—or Necessity
The dream of homeownership is losing ground. Only 66% of renters now see buying a home as a long-term goal—down 7 points from 2021. High mortgage rates, steep home prices, and more flexible lifestyle preferences are pushing many toward long-term renting. For a growing share of renters, this shift isn’t just philosophical, but financial, as many report having little left over for basics like food, transportation, and healthcare once rent is paid.
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Return to the City
With fully remote work down to just 12% of renters, cities like Los Angeles, San Francisco, and Charlotte are back on the radar. Employment opportunities and lifestyle factors are drawing renters back to urban cores after a few years of pandemic-fueled suburban migration.
Tech-Savvy Apartment Hunting
AI is entering the rental market. About 10% of renters say they use tools like ChatGPT to streamline apartment hunting—rising to 15% in coastal cities. From scheduling viewings to asking lease questions, renters are using tech to save time and compete in tight markets.
Why It Matters
The rising cost of rent and ongoing economic uncertainty are reshaping the housing market. Long-term renting is becoming more common—not just out of necessity, but as a lifestyle choice. For landlords, developers, and tech platforms, these shifting dynamics offer both challenges and new opportunities.
What’s Next
As affordability pressures persist and remote work trends evolve, expect continued demand for flexible rental options, smarter tech integration, and urban-centric development.
