At first glance, Dallas is not much like New York or Los Angeles, other than ranking among the ten largest cities in the country. But look deeper, explains 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. 55.9 percent of Dallas households are now living in rental housing, in fact. Americans are increasingly preferring tenancy over a mortgage, and the population of renters is expected to grow by at least a half million each year until 2023. Against common perception, homeowners’ housing expenditures are much greater than 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 alluring.

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