Today's Video Headlines: 03/26/26
Chicago Isn’t a Classic Hail Market—So Why Is $1 Trillion at Risk?—defined as households that remain in the same rental unit for at least five years—make up roughly 36% of all tenant households in the US, according to a stay in place by choice, either because they crave stability or have a particular affinity for their neighborhood, for others, moving has become a financial impossibility.
A typical long-term renting household is headed by a 55-year-old adult, living in a household of two people and two bedrooms, with a median household income of $48,500. where moving means surrendering a below-market lease for a unit that could cost hundreds of dollars more per month, the decision to stay is less about stability and more about survival,” says “Higher borrowing costs have pushed many renters out of the market, so they are staying renters longer than planned,” Nadia Evangelou, principal economist at the “At the same time, higher rents in recent years have made it harder to save for a down payment, reinforcing that cycle.“Higher borrowing costs have pushed many renters out of the market, so they are staying renters longer than planned,” Nadia Evangelou, principal economist at the National Association of Realtors®, tells Realtor.com.Perhaps unsurprisingly, the largest concentrations of long-term tenants are found in the nation’s most expensive metros and their nearby “refuge markets” where leases are cheaper by comparison, which creates a separate set of challenges. policies limiting price hikes and protecting people from eviction have kept millions of Americans essentially trapped in below-market units they simply cannot afford to leave. “They are renters doing the math and concluding, correctly, that moving means surrendering a lease that the market will never offer them again,” says the economist.“They are renters doing the math and concluding, correctly, that moving means surrendering a lease that the market will never offer them again,” says Realtor.com economist Jiayi Xu. shows that New York had the second-highest median asking rent among the top 50 largest metros, reaching $2,894, in February. Meanwhile, LA’s median registered at $2,768.is essentially stuck because the gap between their lease and today’s asking prices is just too wide—mirroring the “lock-in” effect that has stagnated the housing market over the past few years.However, these big-name “anchor” cities are not the only ones laying mobility traps for renters. Data analysis indicates that some of the highest concentrations of long-term tenants are now found in secondary markets that absorb the overflow from their pricier neighbors.Data analysis indicates that some of the highest concentrations of long-term tenants are now found in secondary markets that absorb the overflow from their pricier neighbors.Across the country, budget-conscious tenants priced out of LA and the Bay Area have been flocking to the relatively more affordable For some movers, they found greater affordability and are now staying put by choice in these “overflow markets” because the math still works for them.However, Xu says that others found themselves in a familiar predicament: Rents have risen in the metros where they settled, and they are now holding onto their leases because moving again makes no financial sense. The rents, however, did not stay low for long in these “refuge markets,” leaving newcomers from Boston with no place to go. As a result, Providence and Worcester now rank among the highest in the US for long-term renter share, at roughly 44% each, simply because tenants have run out of affordable places to move and are staying in place out of necessity. In fact, based on Realtor.com data analysis, an average of 39.2% of renting households in the top 10 long-term renter metros would face severe affordability headwinds if forced to move to a new unit within the same area at fair market rent. “It comes down to affordability and supply. We need more homes at attainable price points on the market and some easing in mortgage rates to bring renters back into the market,” Evangelou adds.Owning a mobile home can quietly generate personal wealth, even in the affordability crisis: Study Shamed Bill Cosby has $128M fortune, luxe homes, chef, driver and 'significant art' despite claiming povertyTravis Kelce’s ex Kayla Nicole throws hat in the ring for future ‘Bachelorette’ season as Taylor Frankie Paul scandal rages on'Cheap political stunt': Karoline Leavitt torches classified docs letter from Dem with 'zero credibility' A typical long-term renting household is headed by a 55-year-old adult, living in a household of two people and two bedrooms, with a median household income of $48,500."Higher borrowing costs have pushed many renters out of the market, so they are staying renters longer than planned," Nadia Evangelou, principal economist at the National Association of Realtors®, tells Realtor.com."They are renters doing the math and concluding, correctly, that moving means surrendering a lease that the market will never offer them again," says Realtor.com economist Jiayi Xu.Data analysis indicates that some of the highest concentrations of long-term tenants are now found in secondary markets that absorb the overflow from their pricier neighbors.For some movers, they found greater affordability and are now staying put by choice in these"overflow markets" because the math still works for them. 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