like The cost of owning a home has risen dramaticallyhe Renting has emerged as a popular option And economicaleven for those who can afford it.
According to a report by RentCafe (an American real estate platform), Number of families Tenants with income of $1 million or more In the United States it arrived 13,692 in 2023more than tripled compared to 2019, while the growth rate of homeowners with incomes of $1 million or more remained lower than that. Data excluded vacations and short-term rentalsAccording to a RentCafe representative. The researchers analyzed data from the Public Use Integrated Microdata Series, a database managed by the University of Minnesota, to reach their conclusions.
“They prefer flexibility and liquidity over ownership.”said Glenn Stegman, a real estate agent with the agency, based in Miramar Beach, Florida. “They don’t want to worry about the hassles of homeownership, including paying property taxes and insurance, especially in markets like Florida and California where we see a lot of natural disasters.”
For those who have the resources, Renting can free up money to invest in other areasAs in the stock market, these investments can be sold quickly. Homes are taking longer to sell: The average time on market exceeded pre-pandemic levels for the first time in July.
The COVID-19 pandemic, which largely coincided with the school years, appears to have had a significant impact. Southern cities with low taxesEspecially Houston, Dallas, Miami, and Atlanta, It attracted crowds of northerners during the pandemic The most significant increases were seen in the number of tenants with an annual income of one million dollars or more.
In terms of size, Large coastal urban areas lead. Number of households with incomes of $1 million or more that rent in New York City Increased from 2,204 in 2019 to 5,661 in 2023according to the study. In San Francisco, the number rose from just 321 renters making $1 million or more to 1,411 over those four years.
naturally, Most wealthy people still value home ownership. The number of people with income of at least one million dollars reached 143,320 in 2023. More than ten times the number of renters with the same income.
A study conducted by RentCafe found this Urban areas in the United States have the largest number of renter households with incomes of at least $1 million. The ranking is as follows, to calculate the number of households with renters earning $1 million or more:
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