In the last decade, with the recession and an unstable housing market, even those with stable incomes have become wary of investing in a new home.
This turn towards renting is reflected in the increase among wealthy households, according to an analysis from RentCafe. The data shows that from 2005 to 2015, the number of renter households who earn more than $150,000 a year increased by 217 percent, from 551,000 to 1.75 million. This figure outpaces the number of homeowner households in the same income bracket, which increased only 82 percent.
Examining where these high renters tend to live, RentCafe found that San Francisco was a “city for rich renters.” Renters in top-earning households increased by 35 percent in that city last year, while renters earning under $150,000 decreased. With a quarter of the city’s renters making top dollar, San Francisco has the largest share of rich renters in the country,
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Though most U.S. renters earn less than $50,000 per year, the wealthy ones tend to live in large urban areas. Other cities with the most renter households earning $150,000 or more include New York City, Los Angeles, Houston, Boston and Chicago.