At first glance, Dallas doesn’t appear to have many commonalities with New York and Los Angeles beyond ranking among the ten largest cities in the U.S. Yet, notes Texas real estate developer Marcus Hiles, “When you dig a little deeper, it turns out that all three locales have more renters than homeowners.” In fact, 55.9 percent of Dallas households live in rental housing. Across the country, Americans are increasingly choosing tenancy over home ownership, with the population of renters expected to grow by at least a half million each year through 2023. Contrary to common wisdom, homeowners’ housing expenditures far exceed that paid by renters. While the annual cost of rent may outpace total house payments for the year, buyers are saddled with maintenance expenses and higher utility payments — making the rental lifestyle even more attractive.