Wealthy Renters Eclipse Wealthy Homeowners in San Francisco
Contrary to intuition that says there are more wealthy homeowners in SF, the opposite is now true. Richer renters are more populous than richer homeowners. This according to a fresh report from RentCafe.
The report draws on U.S. 2015 census data and determines that the number of renters earning over $150,000 a year has risen to 56,591 households. This is a 35% increase over 2014’s upper scale renters. And it is 2,000 more renters than owners in SF for the year 2015. RentCafe pointed out that this is a very standout anomaly as nationwide there are 7 times more homeowners than renter households among those earning $150,000 and above.
Also not shockingly notable is that San Francisco has the highest percentage of wealthier renters than any other city or town in the country. Almost one quarter of all renter households in the city make over $150,000. New York City has the most renters in that income bracket, but not the high percentage we have here relative to other income levels.
The report concludes that people are moving to renting in the wake of the housing crisis and are being cautious about committing to ownership. Also people are choosing renting as a lifestyle choice—with rental apartments often having attractive amenities.
Click here for the full article.