The Fastest-Growing Renter Segment

The number of high-income renter households is growing faster than top-earning homeowner households year-over-year, according to new Census data.

Defined as those earning $150,000 or more per year, the share of these renters grew 175 percent from 2007 to 2017, versus the 67 percent increase of homeowners at that income level. According to RentCafé's analysis, 2.1 million of the nation's 43.3 million renters were "top earners" in 2017, whereas in 2007, there were 774,000 high-income renters.

So why do those who have the means to buy still opt for renting? Be it a post-housing crisis mentality or a new Millennial approach to housing and accommodation, it becomes more and more obvious that there is a shift in renter demographics and the way the real estate industry is responding. For some, it’s a lifestyle choice — monthly rent is a smaller price to pay for having more flexibility or for being able to live closer to jobs, hip city centers, and art districts. For others, not even their pretty paycheck can keep up with the fast-paced increase in home prices.

Read more