Houston Is a Hotspot for High-Income Renters in Texas ─ Rich Renter Households Reached a High of 17,838 [New RentCafe Study]

Style Magazine Newswire | 1/31/2023, 8:23 a.m.
America’s high-income earners seem to be getting a real taste for renting, according to RentCafe’s most recent study. Renters with …

America’s high-income earners seem to be getting a real taste for renting, according to RentCafe’s most recent study. Renters with an annual income of over $150,000 nearly doubled in five years, reaching a total of 2.6 million. Among them, an unlikely new kind of renter is gaining ground: the millionaire.

Houston is at the forefront of this trend, boasting the greatest number of high-income renter households in all of Texas. More so, it landed on the 8th spot in the national ranking.

Here are some key-highlights:

The number of rich renter increased by 48% between 2015 and 2020, reaching a high 28,525 (compared to 19,267 just five years prior). That’s the largest number of high-income renters in Texas.

Meanwhile, home prices grew by 42%, leaving even those who can afford to buy (despite surging mortgage rates) with an appetite for renting.

High-income renters account for 6% of Houston’s total renter population.

Despite its growing high-income renter population, Houston didn’t secure a spot in the top millionaire renter hotspots ranking, where major urban areas such as New York, San Francisco and Los Angeles took the lead.

Nationwide, the number of renters with annual incomes of over $150,000 grew by 82% between 2015 and 2020. That’s faster than renters overall, who inched up by a mere 3.2%. At the same time frame, the number of millionaire renter households tripled.

Find out more, by visiting RentCafe.com

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