As housing prices continue to climb across the United States, more affluent individuals are choosing to rent instead of purchase homes, particularly in major cities. Recent data reveals that cities such as San Francisco, New York, and Washington, D.C., now have some of the highest percentages of wealthy renters—defined as households earning $150,000 or more annually. Factors influencing this trend include the high cost of down payments, rising mortgage rates, and lifestyle preferences favoring flexibility.
In several Arizona cities, this shift is also apparent. Phoenix and Scottsdale have seen a surge in high-income renters, reflecting the broader national trend. As housing affordability wanes, even among the higher earners, renting becomes a more attractive option. These changes are reshaping urban housing markets and putting additional pressure on rental prices in areas with limited housing supply.
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