Why More Americans Are Choosing to Rent

 

Venice, FL, is no longer a small coastal haven—it’s growing fast, and so is the appeal of renting over owning. Between 2022 and 2023, Venice’s population climbed from 25,710 to 26,467, a 2.94% increase. Since 2020, the city’s population has surged about 16.6% to nearly 29,900, showing steady growth that’s reshaping housing needs.

 

At the same time, more Americans—Venice residents included—are leaning toward renting. A recent Fannie Mae survey found that 36% of potential movers now prefer renting, the highest percentage ever, as burdensome property taxes, insurance increases, and high mortgage rates mount.

 

Nationwide, the financials reinforce the shift. A Bankrate study (April 2025) showed that in all 50 largest U.S. metro areas, renting is cheaper—by an average of 38% per month—when factoring in taxes and insurance. This affordability gap is growing in most cities. A similar Empower analysis confirmed insurance and tax hikes as key cost drivers.

 

Local demographics reinforce the trend. A LendingTree survey found 17% of Americans—and 34% of renters—now prefer renting, often to sidestep property taxes and lower costs. Among baby boomers, those numbers are even higher; 84% of boomer renters say they’d rather lease than own, noting flexibility and affordability—attributes especially appealing in retirement-rich Venice.

 

Finally, rental demand is rebounding. A Barron’s report highlights rising rents as owners retreat from ownership. As Venice welcomes more new residents, the economics of homeownership are shifting. Rising costs and a growing, diverse population are making renting not just an alternative—but the preferred choice.