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Title: Potential Homebuyers Opting to Rent Rather Than Buy

Citation Type: Miscellaneous

Publication Year: 2023

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Abstract: With 43 million families living in apartments, the highest level in half a century, renting is popular even among high-earners who are able to buy but prefer to rent their home instead. According to the most recent analysis of IPUMS data from RentCafe [1] shows that the number of renters with annual incomes of over $150,000 grew by 82% between 2015 and 2020, faster than renters overall. There are now 2.6 million high-earners living in rentals in the U.S. and among them are many millionaire renters. High-income renters earning $150,000 or more saw rapid growth of 82% in five years — the most significant increase among all income groups — followed by renter households with annual incomes between $100,000 and $150,000. At the same time, middle-income renters grew at a slower pace, but still posted double-digit increases. The only segment to register a drop was that of households earning less than $50,000, which decreased by 11.2%. This is explained by low-income renters moving in with family members when the pandemic started, as well as households whose earnings grew and transitioned to higher income groups.

Url: https://themreport.com/news/data/01-30-2023/renting-becomes-popular

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Authors: Lester, Demetria

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Data Collections: IPUMS USA

Topics: Housing and Segregation

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