Over the years the typical person renting a home was a young adult. This is starting to change, as middle-aged people are tending to become tenants rather than homeowners.
This is yet another reason why there is such a high demand for housing in this country. And in addition to population growth, more of those new households that are being formed are becoming tenants rather than homeowners.
However they also realized that in order to achieve the American dream, at some point in time they will need to become homeowners also.