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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 76 November 2023 J O U R N A L BABY BOOMERS, MILLENNIALS LEAD THE NATION IN SOLO RENTING R enting is a common housing ar- rangement for many Americans, but not all renters like sharing their space with other people. In fact, the number of lone renters is on the rise. Between 2016 and 2021, renters living alone increased by about 1 million people, reaching 16.7 million (up 6.7%). That's the fastest-rising renter group during those five years, having accelerat- ed significantly during 2020. Baby boomers and millennials are the biggest fans of solo renting, while very few Gen Zers are venturing on their own. That's mainly because living alone comes at a premium cost: To rent an apartment alone, a renter needs an extra annual income of $8,600 compared to the average renter. Top 10 Metros With the Smallest Income Gap Between Solo Renters vs. Average Renters » Akron, Ohio » Pittsburgh » Providence, Rhode Island » Toledo, Ohio » Dayton, Ohio » Knoxville, Tennesse » Cleveland » Omaha, Nebraska » Worcester, Massachusetts » Rochester, New York Top 10 Metros With the Highest Rise in Renters Living Alone » Salt Lake City » McAllen, Texas » Austin, Texas » San Antonio » Charlotte, North Carolina » Fresno, California » Jacksonville, Florida » Albuquerque » Dallas » Raleigh, North Carolina Salt Lake City saw the biggest in- Market Trends crease in solo renters between 2016-2021, while Philadelphia and Indianapolis recorded the largest shares of people renting by themselves. At the same time, living alone as a renter is easiest (from a financial point of view) in Akron and other places in Ohio. Renting alone has become increasing- ly popular in recent years. The number of solo renters reached a record high of 17.7 million in 2020, as the pandemic spread, and more people adopted distancing. On the other hand, renters living with roommates saw a different pattern: They peaked at 6.3 million in 2019, and only partially bounced back to 5.8 million after the pandemic. Meanwhile, people living with family in rented apart- ments dropped from 71.3 million in 2016 to 68.1 million in 2021. With that in mind, we wanted to get a clearer view of the evolution of renting alone across the country in recent years, including the breakdown by generation, which metros saw the biggest increases in the number of renters living alone, and where it was easiest and hardest to rent alone. Baby boomers make up the biggest slice of solo renting, followed by mil- lennials Baby boomers make up the largest population of renters living alone in the United States (an estimated 32.4%, or 5.3 million), whereas just half a million share their rental home with a roommate. This can be largely attributed to the fact that aging in place is more feasible these days, especially with the rise of smart home technologies and easy access to online shopping and services. What's more, baby boomers renting alone need an income of just under $50,000 to maintain a solo renter life- style. That's approximately $16,300 more than what the average renter needs to afford rent, based on individual income estimates from the U.S. Census Bureau. Next, although the majority of millen- nials are now homeowners, they remain the dominant generation of renters, and about 4.8 million of them are opting for solo living arrangements, either by choice or by necessity. Thus, millennials represent 29.5% of Americans renting by themselves.