Homeownership is the one true goal for Americans seeking financial security. At least that’s the advice handed out like candy at Halloween or beads at Mardi Gras. But, in fact, many Americans choose to rent, not because they can’t afford to buy a home, but because they find renting to be advantageous.
A newly published report from RentCafe.com about high earners and millionaire renters indicates that 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, the most recent analysis of IPUMS (Integrated Public Use Microdata Series) 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: the millionaire renter.
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