National Association of Home Builders’ (NAHB) analysis showed that between 2007 and 2015, the borrower share for those using peer lending has shifted from mostly renters to majority homeowners.
LendingClub.com, an online marketplace that connects borrowers and investors, found that as of 2015, homeowners make up 60 percent of peer-funded lending, while renters account for 40 percent. Last year, homeowners made up 61 percent, while renters made up 39 percent.
But things were not always this way.
In 2007, the homeowners only represented 43 percent of all funded loan amounts, while renters held the largest share at 57 percent.
"By 2010, more than half of all borrowers were considered homeowners. The share of all borrowers considered homeowners continued to rise until 2013 when it reached 62 percnet. Since 2013, the proportion of borrowers considered homeowners has ticked down slightly, but still accounts for approximately three out of every five loans," the NAHB stated.
As of September 9, 2015, LendingClub has funded $13,402,853,260 loans and last quarter they funded $2,235,646,412 worth of loans, according to data on their website.
In addition, homeowners also borrow more funds compered to renters and receive a lower interest rate than renters.
In 2015, homeowners borrowed on average $15,000, while renters borrowed $12,000.
"The median funded amount has risen for both homeowners and renters, however, the median amount borrowed by homeowners is greater than the amount borrowed by renters in every year that data is available," the NAHB said.
The analysis and data also found that the median interest obtained by homeowners tends to be less than the median rate that renters receive. On average, homeowners median interest rate was 12.3 percent in 2015, while renters interest rate was 12.7 percent.