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For most of American history, homeownership has been treated as the finish line of adulthood, the thing you work toward once you’ve settled down. That assumption is cracking in a handful of cities across the country, where renters no longer make up a large minority but an actual majority of households. The shift isn’t happening everywhere, and it isn’t happening for the same reasons in each place, but the pattern is now too consistent to dismiss as a fluke.
Rising home prices, mortgage rates that refuse to come back down to earth, and a housing supply that hasn’t kept pace with demand have combined to push more households toward renting, even people who could technically scrape together a down payment. Below are six cities where that tipping point has already arrived, based on recent Census Bureau and housing-market data…