(NEXSTAR) – While the cost of rent has shot up in cities across the U.S. during recent years, the percentage of renters is still outpacing that of homeowners in many ZIP codes.
In fact, more people in America are renting now than at any point in the past half-century, according to a recent study by RentCafe, a rental listing website.
But where are renters outpacing homeowners at the greatest rate? The majority can be found in city cores, the study found, with eight of the 20 ZIP codes that grew their renter populations by more than 80% in the past decade located in or near downtowns.
The top five ZIP codes leading the way were, in order, located in: San Antonio, Miami, Minneapolis, Columbus and Chicago.
In the last ten years, Nashville saw an 87.5% increase in the number of renters in Music City's 37203 zip code.
The study, which looked at US Census Bureau data, found that over the past decade 101 ZIP codes in the US switched from majority homeowner to majority renter.
In recent months, buying a home has become even more difficult amid soaring home prices and interest rates. The share of first-time home buyers shrank to just 26% according to a recent report from the National Association of Realtors (NAR), the lowest ever recorded by the NAR.
Homebuyers are flocking to small towns and rural areas in record numbers, and the typical buyer is older than ever – 36 years on average, up from 33 in 2021. When it comes to willingness to change cities, the median move distance was 50 miles, the highest ever recorded.