Hiles Says Number Of Renters To Owners In Dallas On Par With New York, LA

Hiles Says Number Of Renters To Owners In Dallas On Par With New York, LA

At first glance, Dallas is very different from New York and Los Angeles, other than ranking among the ten largest cities in the U.S. But look deeper, notes Texas real estate developer Marcus Hiles. “When you dig a little deeper, it turns out that all three locales have more renters than homeowners,” he says. In fact, 55.9 percent of Dallas households are now living in rental housing. Americans around the country are increasingly preferring tenancy over home ownership, and the population of renters expected to grow by at least a half million each year through 2023. Contrary to common perception, homeowners’ housing expenditures are much greater than those of renters. While the annual cost of rent may outpace total house payments for the year, buyers are saddled with maintenance expenses and higher utility bills – making the rental lifestyle even more appealing.

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