{"id":124345,"date":"2023-01-30T00:00:15","date_gmt":"2023-01-30T08:00:15","guid":{"rendered":"https:\/\/www.rentcafe.com\/blog\/?p=124345"},"modified":"2024-09-03T03:27:04","modified_gmt":"2024-09-03T10:27:04","slug":"millionaire-renter-households-triple-in-numbers","status":"publish","type":"post","link":"https:\/\/www.rentcafe.com\/blog\/rental-market\/market-snapshots\/millionaire-renter-households-triple-in-numbers\/","title":{"rendered":"Millionaire Renters Triple, While High-Income Renters Earning $150,000 or More Reach 2.6 Million"},"content":{"rendered":"<p>The American household is changing as homeownership is not a priority for everyone, especially not for Millennials and <a href=\"https:\/\/www.rentcafe.com\/blog\/gen-z-statistics\/\">Gen Zs<\/a>. With 43 million families living in apartments, the highest level in half a century, renting is popular even among high-earners who are able to buy but prefer to rent their home instead. In fact, our most recent analysis of IPUMS data shows that the number of renters with annual incomes of over $150,000 grew by 82% between 2015 and 2020, faster than renters overall, who inched up by 3.2% during the same time frame. There are now 2.6 million high-earners living in rentals in the U.S. and among them is a new ritzy kind of tenant: <em>the millionaire renter<\/em>.<\/p>\n<p style=\"padding-left: 80px;\"><iframe loading=\"lazy\" id=\"datawrapper-chart-36iMP\" style=\"border: none;\" title=\" Renters in the Highest Income Range Grew by 82%, Faster than All Other Income Groups \" src=\"https:\/\/datawrapper.dwcdn.net\/36iMP\/16\/\" width=\"700\" height=\"388\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Column Chart\" data-external=\"1\"><\/iframe><\/p>\n<p><span class=\"ui-provider wd b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak\" dir=\"ltr\">High-income renters earning $150,000 or more saw rapid growth of 82% in five years \u2014 the most significant increase among all income groups \u2014 followed by renter households with annual incomes between $100,000 and $150,000. At the same time, middle-income renters grew at a slower pace, but still posted double-digit increases. The only segment to register a drop was that of households earning less than $50,000, which decreased by 11.2%. <span class=\"ui-provider yb b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak\" dir=\"ltr\">This is explained by low-income renters <a class=\"fui-Link ___1qmgydl f3rmtva f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f1cmlufx f9n3di6 f1ids18y f1tx3yz7 f1deo86v f1eh06m1 f1iescvh ftqa4ok f2hkw1w fhgqx19 f1olyrje f1p93eir f1h8hb77 f1x7u7e9 f10aw75t fsle3fq\" title=\"https:\/\/www.pewresearch.org\/fact-tank\/2020\/09\/04\/a-majority-of-young-adults-in-the-u-s-live-with-their-parents-for-the-first-time-since-the-great-depression\/\" href=\"https:\/\/www.pewresearch.org\/fact-tank\/2020\/09\/04\/a-majority-of-young-adults-in-the-u-s-live-with-their-parents-for-the-first-time-since-the-great-depression\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Link moving in with family members\">moving in with family members<\/a> when the pandemic started, as well as households whose earnings grew and transitioned to higher income groups.<\/span><\/span><\/p>\n<p><strong>What makes those who can afford to buy turn to renting?<\/strong> Part of the answer may be found in high home prices, which made homeownership less attractive, especially for those well-heeled residents in pricey locations. And this becomes even more obvious when comparing home prices to renter income in the cities with the highest increases in high-income renters: In nine of the 10 cities where the number of top-earning renters leapfrogged considerably, growth in home prices was higher than the national average (29%).<\/p>\n<p><strong>An even more interesting phenomenon of the past few years is the rise of an unlikely new kind of tenant \u2014 the millionaire renter.<\/strong> The number of renter households with incomes of more than $1 million reached a record high of 3,381 in 2020 \u2014 three times as many as there were in 2015, when 1,068 millionaires were renting their homes in the U.S., according to the most recent data from IPUMS.<\/p>\n<p style=\"padding-left: 80px;\"><iframe loading=\"lazy\" id=\"datawrapper-chart-ubfOo\" style=\"border: none;\" title=\" Millionaire Renter Households Triple, Following Rising Trend of High-Income Renters\u00a0\u00a0 \" src=\"https:\/\/datawrapper.dwcdn.net\/ubfOo\/36\/\" width=\"700\" height=\"201\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Split Bars\" data-external=\"1\"><\/iframe><\/p>\n<p>While home prices could be considered an obstacle even for high-income renters, what stops some millionaires from stepping on the homeownership ladder? Well, it might be an issue of comfort and smart investing. Often homebuyers are struck with the realization that their new property needs more maintenance than expected. Couple this with the flexibility of moving between cities to pursue new career opportunities and you can see why even the most affluent sometimes choose to rent their home. Additionally, some high-earners, including some millionaires, prefer to funnel their cash into other types of assets that hold value.<\/p>\n<h2>If you live in a fancy New York or San Francisco neighborhood, the renter next door might be a\u2026 millionaire!<\/h2>\n<p>So, what does this new breed of renter look like?<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-124439 size-large\" src=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2023\/01\/Millionaire-Renters-profile-.png?w=696\" alt=\"the millionaire renter profile\" width=\"696\" height=\"786\" srcset=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2023\/01\/Millionaire-Renters-profile-.png 900w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2023\/01\/Millionaire-Renters-profile-.png?resize=442,500 442w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2023\/01\/Millionaire-Renters-profile-.png?resize=768,868 768w, https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2023\/01\/Millionaire-Renters-profile-.png?resize=150,170 150w\" sizes=\"auto, (max-width: 696px) 100vw, 696px\" \/><\/p>\n<p>According to a <a href=\"https:\/\/www.aboutschwab.com\/schwab-modern-wealth-index\">survey<\/a> from Charles Schwab, Americans consider that an average net worth of 1.1 million represents being \u201cfinancially comfortable\u201d. And it seems that being financially comfortable is a <a href=\"https:\/\/www.rentcafe.com\/blog\/millennial-statistics\/\">Millennial trait<\/a>, with this demographic making up a majority (28%) of millionaire renters. For many Millennials of homebuying age and with above-average incomes, <a href=\"https:\/\/www.rentcafe.com\/blog\/apartmentliving\/millennial-lifestyle-renting\/\">lifestyle renting<\/a> is a better choice than owning. This mindset is mirrored among millionaire Millennials, too, who, unlike their Baby Boomer parents, decide to rent despite having the financial resources to own.<\/p>\n<p>Gen X follows closely behind, making up 23% of millionaire renter homes. As the first generation that redefined and broke away from the American dream of homeownership, Gen Xers initially turned to renting due to the strain brought on by the 2008 housing crisis. Today, they\u2019re following the same lifestyle renting trends as their younger counterparts.<\/p>\n<p><iframe id=\"datawrapper-chart-3Wwv3\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"U.S. Millionaires Distribution Across Generations in 2020\" src=\"https:\/\/datawrapper.dwcdn.net\/3Wwv3\/6\/\" height=\"301\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Column Chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();<\/script><\/p>\n<p>So, what do millionaire renters do for a living? Data shows that the most popular jobs among millionaire renters are in management positions (1,653); followed by securities, commodities and financial services sales agents (519); chief executives and legislators (468); software developers (459); and lawyers, judges, magistrates and other judicial workers (421).<\/p>\n<p>According to IPUMS data, the rental home size of millionaire households varies across the U.S., with three-bedroom homes being the national average. Millionaire renters in Washington, D.C. have the largest homes, on average, five bedrooms, followed by Jersey City, NJ with four. Alternatively, in cities like Los Angeles, San Francisco and New York, the average home size is three bedrooms.<\/p>\n<p><strong><span class=\"ui-provider vj b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak\" dir=\"ltr\">Here are a few examples of luxury apartment buildings in the nation's high-income renter hotspots:<\/span><\/strong><\/p>\n<div class=\"flourish-embed flourish-cards\" data-src=\"visualisation\/12477599\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><\/div>\n<p>&nbsp;<\/p>\n<h2>Millionaire households skyrocket; San Francisco, Los Angeles &amp; D.C. register the biggest spike<\/h2>\n<p>Wealthy renters live mainly on the coasts, specifically in California, New York and <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/washington-dc\/\">Washington, D.C.<\/a> <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/san-francisco-ca\/\">San Francisco, CA<\/a> held second place in the number of millionaire renter households, but had the biggest spike between 2015 and 2020. The golden city\u2019s rental homes inhabited by millionaires multiplied a whopping 17 times (1,629%), growing from 17 households in 2015 to a total of 294 in 2020. California is a millionaire magnet, as the number of seven-digit income renters also rose significantly in <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/los-angeles-ca\/\">Los Angeles<\/a>,\u00a0by 361%, to 143 in 2020. Washington, D.C. has 121 renters who earn over one million dollars per year.<\/p>\n<p><iframe id=\"datawrapper-chart-unNoN\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Top Cities by Number of Millionaire Renters\u00a0\" src=\"https:\/\/datawrapper.dwcdn.net\/unNoN\/3\/\" height=\"342\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();<\/script><\/p>\n<p>Clearly, major urban areas are the millionaire renter hotspots, with New York leading the pack with the highest number. 2,457 renter households earn over a million dollars per year in the Big Apple, three-quarters of the national total.<\/p>\n<h2>Seattle, Miami &amp; Portland boast the largest increase in high-income renters in the U.S.<\/h2>\n<p>High-income renters \u2014 those who earn at least $150,000 per year \u2014 are growing across the nation. According to U.S. Census data, in 14 cities across the U.S., high-income tenants more than doubled in numbers in the last five years. Specifically, the 10 cities that saw the most significant increases in the number of rich renters are scattered mostly throughout the West and the South, with <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/seattle-wa\/\">Seattle, WA<\/a> taking the lead as the fastest-growing high-income renter hotspot.<\/p>\n<p><iframe id=\"datawrapper-chart-hEa6g\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Top Cities With The Highest Increase of High-Income Renters \" src=\"https:\/\/datawrapper.dwcdn.net\/hEa6g\/10\/\" height=\"527\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();<\/script><\/p>\n<p>To that end, high-income renters nearly tripled in Seattle (169%) compared to 2015, making it the nation\u2019s fastest-growing area for affluent renters. As a matter of fact, 17% of renter households in Emerald City have an income of over $150,000. Here, their number increased from 12,305 to 33,111 in just five years \u2014 thanks, in part, to a healthy and diverse job market. Technology titans, such as Amazon and Microsoft, are fueling the employment needs of Seattleites, along with a booming biotech industry. Despite this, not even well-off Seattleites could keep pace with the growth of home prices in the last 5 years: 58%.<\/p>\n<p>A similar spike of 166% in wealthy renters pushes <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/miami-fl\/\">Miami, FL<\/a>\u00a0into second place. Granted, homeownership in Miami-Dade County has been dropping consistently even before the pandemic. So, it comes as no surprise that 2020 saw an influx of rich renters, reaching a high of 8,653 households (compared to 3,258 just five years prior).<\/p>\n<p>In third place, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/portland-or\/\">Portland, OR<\/a> registered a 148% rise in the number of high-earning renters, reaching 9,503 as of 2020. Despite salary increases rivaling home price increases, some well-off Portlanders still choose to rent.<\/p>\n<h2>New York, Los Angeles &amp; San Francisco are leading hotspots for high-income renters<\/h2>\n<p>When looking at the total number of high-income renter households, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/new-york-city-ny\/\">New York<\/a> is the \"it\" place for renters that earn over $150,000 per year. The Big Apple had a total of 296,594 such households in 2020, representing a share of 11% of the national total. On the opposite coast, Los Angeles lags behind New York with 82,655 high-income renter households, despite registering considerable growth in the last five years. Two other California cities are in the top five: San Francisco and San Jose with 80,020 households and 34,585 respectively, while <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/chicago-il\/\">Chicago, IL<\/a>\u00a0takes fourth place with 50,999.<\/p>\n<p><iframe id=\"datawrapper-chart-4ssu7\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Cities With The Highest Percentage of High-Income Renters\" src=\"https:\/\/datawrapper.dwcdn.net\/4ssu7\/9\/\" height=\"323\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();<\/script><\/p>\n<p>Overall, incomes on the West Coast are higher than elsewhere in the nation. In particular, San Francisco, CA, has the highest percentage of high-income households who rent their home, with 36% registered in 2020, compared to 19% in 2015. The Bay Area city\u2019s high median income and high-paying jobs are the main explanation behind San Francisco\u2019s 86% growth in rich renters in this timeframe. In a similar situation are San Jose, CA, and Seattle, WA, with high-income rental homes representing 25% and 17%, respectively, of the total renter households.<\/p>\n<h2>Fair use and redistribution<\/h2>\n<p>We encourage you and freely grant you permission to reuse, host, or repost the research, graphics, and images presented in this article. When doing so, we ask that you credit our research by linking to\u00a0<a href=\"https:\/\/www.rentcafe.com\/\">RentCafe.com<\/a>\u00a0or this page, so that your readers can learn more about this project, the research behind it and its methodology. For more in-depth, customized data, please contact us at\u00a0<a href=\"mailto:media@rentcafe.com\">media@rentcafe.com<\/a>.<\/p>\n<h4><i><span data-contrast=\"auto\">Methodology<\/span><\/i><span data-contrast=\"auto\">\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h4>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\"><a href=\"https:\/\/www.rentcafe.com\/\">RentCafe.com<\/a> is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.\u202f<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">For this study, <em>we looked at the number of millionaire renters households between 2015 and 2020 5-year estimates, across 100 U.S. cities<\/em> available from IPUMS, and the number of high-income renter households (having an annual income greater than $150,000) from U.S. Census data.\u202f<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">We consider <em>\"millionaire renters\" individuals from households that have a total household annual income greater than $1,000,000<\/em> and rent an apartment or a house.\u202f<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">In calculating the average age of millionaire renters, we only considered <em>working age (15+)<\/em>. In creating the tops, we considered the <em>cities having at least 20 households or at least 100 individuals living in the millionaire households<\/em> to create a relevant sample.<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Millionaire renters data was extracted from the IPUMS Survey Documentation and Analysis (SDA) tool for 2020 and 2015, 5-year estimates (2015 and 2020) using the following variables: <em>Age, Occupation, Number of bedrooms, Number of cars, Marital Status, Average Gross Rent, and City<\/em>.\u202f<\/span><\/li>\n<li><span data-contrast=\"auto\">Age, Occupation, and Population frequency distribution in generations estimates were generated for individuals. The number of millionaire renter households and the average number of bedrooms were estimated for households.<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">IPUMS means Integrated Public Use Microdata Series and provides census and survey data from around the world integrated across time and space. IPUMS is a part of the Institute for Social Research and Data Innovation at the University of Minnesota.\u202f<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span class=\"ui-provider bsv bsw c d e f g h i j k l m n o p q r s t bsx bsy w x y z ab ac ae af ag ah ai aj ak\" dir=\"ltr\"><i>Steven Ruggles, Sarah Flood, Ronald Goeken, Josiah Grover, Erin Meyer, Jose Pacas and Matthew Sobek. IPUMS USA: Version 10.0 [dataset]. Minneapolis, MN: IPUMS, 2020. <\/i><a class=\"fui-Link ___1qmgydl f3rmtva f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f1cmlufx f9n3di6 f1ids18y f1tx3yz7 f1deo86v f1eh06m1 f1iescvh ftqa4ok f2hkw1w fhgqx19 f1olyrje f1p93eir f1h8hb77 f1x7u7e9 f10aw75t fsle3fq\" title=\"https:\/\/doi.org\/10.18128\/d010.v10.0\" href=\"https:\/\/doi.org\/10.18128\/D010.V10.0\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Link https:\/\/doi.org\/10.18128\/D010.V10.0\"><i>https:\/\/doi.org\/10.18128\/D010.V10.0<\/i><\/a><\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"10\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\"><em>High-income renters households were extracted from U.S. Census ACS 2020 and 2015, 5-year estimates.<\/em> Renter households having an annual income greater than $150,000 and cities with more than 100,000 households were considered. Home values increase between 2020 and 2015 were extracted from U.S. Census ACS 5-year estimates (Median Value for Owner Occupied Units).\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:1080,&quot;335559731&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The American household is changing as homeownership is not a priority for everyone, especially not for Millennials and Gen Zs. With 43 million families living in apartments, the highest level in half a century, renting is popular even among high-earners who are able to buy but prefer to rent their home instead. In fact, our&hellip;<\/p>\n","protected":false},"author":2611,"featured_media":124573,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3661],"tags":[],"class_list":["post-124345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-snapshots","gallery-content-unit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Millionaire Renters Triple as More High Earners Choose Renting<\/title>\n<meta name=\"description\" content=\"With high-income renters on the rise, a new kind of ritzy tenant seems to be entering the market: the millionaire renter.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/market-snapshots\/millionaire-renter-households-triple-in-numbers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Millionaire Renters Triple, While High-Income Renters Earning $150,000 or More Reach 2.6 Million\" \/>\n<meta property=\"og:description\" content=\"With high-income renters on the rise, a new kind of ritzy tenant seems to be entering the market: the millionaire renter.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/market-snapshots\/millionaire-renter-households-triple-in-numbers\/\" \/>\n<meta property=\"og:site_name\" content=\"RentCafe rental blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-30T08:00:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-03T10:27:04+00:00\" \/>\n<meta property=\"og:image\" 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