{"id":504980,"date":"2024-08-05T14:24:42","date_gmt":"2024-08-05T18:24:42","guid":{"rendered":"https:\/\/www.rent.com\/research\/?p=504980"},"modified":"2024-08-05T14:24:43","modified_gmt":"2024-08-05T18:24:43","slug":"syracuse-ny-rentership-rates","status":"publish","type":"post","link":"https:\/\/www.rent.com\/research\/syracuse-ny-rentership-rates\/","title":{"rendered":"Syracuse, NY Has One of the Lowest Renter Populations in the U.S. \u2013 Here’s Why"},"content":{"rendered":"\n

Just 26% of residents in Syracuse are renters, among the lowest shares in the nation.<\/h3>\n\n\n\n

Syracuse, NY<\/a>, located in Central New York near Onondaga Lake, has an affordable housing and rental market. Known for Syracuse University and its Erie Canal, the city offers natural beauty and a rich cultural scene. Residents enjoy snowy winters<\/a>, beautiful fall foliage, and large parks like Onondaga Lake Park and Thornden Park.<\/p>\n\n\n\n

However, Syracuse\u2019s population has recently dropped<\/a>, primarily due to people moving to other cities. That doesn\u2019t take away from the city\u2019s remarkable infrastructure, large parks, and welcoming community, though. Syracuse is thriving<\/a> and undertaking numerous improvements throughout the region.<\/p>\n\n\n\n

But what\u2019s happening with the rental market? And why do so many people own a home in Syracuse? Read on to learn everything you need to know. <\/p>\n\n\n\n

74% of Syracuse residents are homeowners; 26% are renters<\/h2>\n\n\n\n

73.8% of Syracuse residents own their home \u2013 among the highest share in the country. Syracuse has actually seen a fairly stable homeownership rate since 2019, helping it take the fifth-highest homeownership spot in the nation. Only 26.2% of Syracuse\u2019s population are renters. <\/p>\n\n\n\n

A major reason for the high homeownership rate is likely the housing market. House prices have been consistently rising across the country, but have remained very affordable in Syracuse. The median sale price<\/a> for a home in Syracuse<\/a> is $152,000, far below the national median of $442,000. Syracuse is even more affordable than neighbors Rochester and Buffalo. <\/p>\n\n\n\n

However, in part because of its affordability, Syracuse\u2019s housing market is booming<\/a> and houses are selling at a blistering pace. Near the end of 2023, houses in Upstate New York sold in roughly a week<\/a>. There isn\u2019t enough inventory to meet demand, either, pushing prices up to near-record highs. Prices in nearby Syracuse have risen by 4.3% in this year alone.<\/p>\n\n\n\n

Similar trends are happening in metros throughout the Great Lakes region, many of which<\/a> are seeing a renaissance as homebuyers search for houses they can afford. Some people<\/a> are also moving to these areas to escape the worst effects of climate change, dubbing them \u201cclimate havens<\/a>.\u201d Revitalized downtowns, welcoming communities, and large open spaces are some of the many benefits to these cities. <\/p>\n\n\n\n

What\u2019s happening with nationwide rentership rates? <\/h2>\n\n\n\n

Nationwide, the rentership rate rose 1.9% year over year to 34.4% in the second quarter of 2024, meaning over one-third of Americans are renters. In contrast, homeownership saw a modest 0.6% increase, but remains much more common at 65.6%.<\/p>\n\n\n\n

This is the third-straight quarter that rentership outpaced homeownership. The last time this happened was in 2022, when mortgage rates rose to the highest level since 2008<\/a>. Rentership consistently outpaced homeownership from 2006-2017, as well. <\/p>\n\n\n\n

Rentership rates vary widely throughout the country and are generally correlated to house prices \u2013 the more expensive houses are, the more people will be pushed into renting. If house prices are lower, people generally have more freedom to choose if they want to rent or buy. <\/p>\n\n\n\n

As such, one reason for the increase in rentership is because homeownership is historically unaffordable<\/a> and showing little sign<\/a> of improving. Another reason is because rental supply has more or less kept up<\/a> with increasing demand. However, in places where housing is particularly affordable, homeownership tends to be the more popular option.<\/p>\n\n\n\n

Which U.S. metros have the lowest share of renters?<\/h2>\n\n\n\n

In particularly affordable metros, like Worcester, MA (23%) and North Port, FL (23%), rentership rates are the lowest. A lack of rental inventory and zoning restrictions<\/a> could also play a role.<\/p>\n\n\n\n

Metros with the lowest share of renters<\/h3>\n\n\n\n
Metro<\/strong><\/td>Rentership rate<\/strong><\/td>Homeownership rate<\/strong><\/td><\/tr>
Worcester, MA<\/a><\/td>23.2%<\/td>76.8%<\/td><\/tr>
North Port, FL<\/a><\/td>23.3%<\/td>76.7%<\/td><\/tr>
Albany, NY<\/a><\/td>25.6%<\/td>74.4%<\/td><\/tr>
Rochester, NY<\/a><\/td>25.7%<\/td>74.3%<\/td><\/tr>
Syracuse, NY<\/a><\/td>26.2%<\/td>73.8%<\/td><\/tr>
Cape Coral, FL<\/a><\/td>26.3%<\/td>73.7%<\/td><\/tr>
Cincinnati, OH<\/a><\/td>26.8%<\/td>73.2%<\/td><\/tr>
Hartford, CT<\/a><\/td>27.2%<\/td>72.8%<\/td><\/tr>
Richmond, VA<\/a><\/td>27.7%<\/td>72.3%<\/td><\/tr>
Albuquerque, NM<\/a><\/td>27.7%<\/td>72.3%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Which U.S. metros have the highest share of renters? <\/h2>\n\n\n\n

Rentership rates are the highest in expensive coastal metros like Los Angeles (53%) and San Diego (52%), where house prices regularly surpass<\/a> $1 million. Prices are also tied to available rental supply.<\/p>\n\n\n\n

Metros with the highest share of renters<\/h3>\n\n\n\n
Metro<\/strong><\/td>Rentership rate<\/strong><\/td>Homeownership rate<\/strong><\/td><\/tr>
Los Angeles, CA<\/a><\/td>53.0%<\/td>47.0%<\/td><\/tr>
San Diego, CA<\/a><\/td>52.4%<\/td>47.6%<\/td><\/tr>
New York, NY<\/a><\/td>50.1%<\/td>49.9%<\/td><\/tr>
Fresno, CA<\/a><\/td>49.0%<\/td>51.0%<\/td><\/tr>
Austin, TX<\/a><\/td>46.3%<\/td>53.7%<\/td><\/tr>
San Jose, CA<\/a><\/td>44.8%<\/td>55.2%<\/td><\/tr>
Honolulu, HI<\/a><\/td>42.5%<\/td>57.5%<\/td><\/tr>
San Francisco, CA<\/a><\/td>41.8%<\/td>58.2%<\/td><\/tr>
Las Vegas, CA<\/a><\/td>41.6%<\/td>58.4%<\/td><\/tr>
San Antonio, TX<\/a><\/td>40.9%<\/td>59.1%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Methodology<\/h2>\n\n\n\n

Based on a Redfin analysis<\/a> of U.S. Census Bureau data for the 75 largest U.S. metros. A renter household is defined as one where the head of the household reports to the Census that they are renting out the property. A homeowner household is one where the head of household reports they own the property.<\/p>\n","protected":false},"excerpt":{"rendered":"

Rentership rates are rising nationwide, as housing continues to be unaffordable. But not in Syracuse, where just 26% of people rent. What\u2019s behind this?<\/p>\n","protected":false},"author":1022,"featured_media":504981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[250,19835,19832,19828],"tags":[],"topics":[202],"renters":[],"cities":[],"propertymanagement":[],"class_list":["post-504980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industry-trends","category-renting-trends","category-research","topics-news-trends"],"acf":[],"yoast_head":"\nMost Residents in Syracuse, NY Own a Home: Why? | Rent. Research<\/title>\n<meta name=\"description\" content=\"Rentership rates are rising nationwide, as housing continues to be unaffordable. But not in Syracuse, where just 26% of people rent. 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