Dallas, New York and Los Angeles may just be perceived as among the ten major cities in the U.S.A., but they actually have something in common. For Marcus Hiles, a Texas real estate property developer, these three locales are more populated with renters than homeowners. In fact, 55.9 percent of Dallas residents are renters. More and more Americans prefer renting instead of home owning, reflecting the expectation that 500,000 more people will rent each year through 2023. Homeowners actually encounter greater housing expenses compared to renters. Although the annual house payment doesn’t go as high as the yearly rent cost, homeowning involves maintenance expenses and bigger utility bills. For this reason, more people prefer the rental lifestyle.

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