Consumers across the globe tilt in favor of homeownership, despite steady gains in renting. Twenty-nine of 30 countries recently analyzed have a majority of homeowners, with Switzerland being the sole exception, according to a new analysis by RentCafe, a nationwide listing service for renters.
While the number of renters is on the rise in 21 of the 30 countries, homeownership still prevails. The number of renters in the United States, for example, has grown two times faster than in the European Union. But the number of renters in the U.S. has yet to outpace homeownership, with renters fluctuating between 36 percent to 37 percent of households in recent years.
“Rising housing costs, economic recessions, and demographic changes around the world have given renting a big boost in recent years,” RentCafe reports.
RentCafe analyzed the percentage of renters and owners in 30 of the most populous developed countries around the world, including the U.S., Canada, Russia, Japan, Israel, Australia, and some European countries.
Switzerland was the only country of the 30 analyzed where more than half of its population rents (56.6 percent). In the majority of the countries around the world, consumers still show a preference for owning homes. The countries with the lowest share of renters are Singapore (9.7% renters); Slovakia (10.7%); Russia (12.9%); Poland (16.3%); and Norway (17.2%).