Los Angeles has a significantly higher percentage of renters than other major U.S. cities, a new report shows.
About 54 percent of all Los Angeles homes, condos, and apartments are rented, compared to 50.7 percent in New York and 50.9 percent in San Francisco, according to the report from Adobo.
More than 60 percent of those renters are families rather than single-person households, a signal that the rising price of L.A. housing may be the culprit, Curbed noted.
Cities with higher shares of renters compared to L.A. are typically college or military towns such as College Station, Texas; Athens, Georgia; and Killeen, Texas.
Renting is on the rise across the country. In 2015, 1.4 million new renter households were created, according to a report by Harvard’s Joint Center of Housing Studies. Harvard’s study shows that 21 U.S. cities had more renters than owners in 2015, up from just 12 in 2012. [Adobo] [ Curbed] — Cathaleen Chen