Per Forbes

A recent report by RentCafe found that the number of American renters that earn at least $150,000 annually increased by 82%. However, the increase in the number of renters with a $150K and above income showed that homeownership is no longer a priority for many people.

The report shares how owning a home is becoming less of a priority for millennials, and Gen Zs as the number of families living in apartments reaches its highest level ever. To date, 43 million families live in apartments as renting becomes more popular for people who can't afford homes.

From 2015 to 2020, the Integrated Public Use Microdata Series data shows an 82% increase in renters with a $150,000 annual income. Renters that earned less than $50,000 showed a drop of 11.2%.

The number of millionaire renters tripled in 2020 compared to its 2015 numbers. In 2015, only 1,068 millionaires were renting in the US, but in 2020, there were 3,381 millionaire renters.

The report shared how most wealthy renters lived in California, New York, and Washington, DC. Millionaires in Washington, DC, reportedly had the largest living space with an average of five bedrooms.

On October 2022, Redfin reported that there was a 9% rent increase year-over-year, with the growth rate slowing down since its 18% YOY in March. During that time, Oklahoma's largest rent increase grew by a whopping 24.1%.

While some areas like Pittsburgh, Indianapolis, Louisville, and Nashville increased rent, others declined YOY. Milwaukee saw a -14.3% drop year-over-year during the time of the report, with Minneapolis following at -8.8%.

A recent report by Zillow revealed that Americans who cohabitated or lived together could save $7,000 each on rent compared to singles living alone. Singles had to pay up to $19,500 more in New York City.

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Forbes