Why America’s Wealthiest Individuals Are Renting, Not Buying

Back in 2015, high-income renters were still somewhat of an anomaly. A report by RentCafe found that the number of U.S. households earning over $150,000 a year but choosing to rent grew by 82 percent between 2015 and 2020. Even more surprising, the number of renters reporting annual incomes of $1 million or more hit a record 3,381 in 2020. By 2021, households making $150,000 or more were renting 3 million units nationwide, according to the U.S. Census Bureau, marking an 87 percent jump in…