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Study: Seattle Sees Country’s Largest Jump in High-Income Renters
The American household is changing in the age of high real estate prices, especially among Millenials and Gen Z’s who live in expensive regions. A new study from RentCafe indicates that renting is popular, even among high-earners who apparently are not interested in maintaining their own home and choose to invest their money elsewhere.
High-income renters earning $150,000 or more have seen rapid growth of 82% between 2015 and 2020, with Seattle leading the way. Seattle saw an increase of 169% of high-income renters, while home prices increased by 58% in that same time period, outdistancing Miami and Portland, OR. Simply stated, even those well-off were hesitant to purchase a high-priced home.
In comparison, renters nationwide only increased by 3.2% in those five years. Expanding even further, RentCafe included millionaire renters in their study, and determined that number tripled between 2015 and 2020, with New York, San Francisco and Los Angeles at the top of the list.
- ◦Economy
