San Francisco had the biggest jump in the country.
You’re now more likely than ever to share walls with a millionaire, according to data analyzed bySan Francisco had the biggest jump in the country of renters who also happen to be millionaires, according to the report, which used U.S. census data from 2015 to 2020. The city’s number of seven-figure renters multiplied by more than 17 over the five years, from 17 households in 2015 to 294 in 2020.
The country saw a huge increase in high-income renters overall. RentCafe’s report states that according to data from the Integrated Public Use Microdata Series, the number of renters with incomes over $150,000 rose 82% from 2015 to 2020. RentCafe ascribes this trend to high home prices, along with an increased desire among wealthier people for the flexibility that comes with renting instead of owning a home.
San Francisco placed second behind New York City in the number of millionaire renters but saw the biggest increase in the demographic over the report’s five-year period. Los Angeles placed in third, with a jump of 361% in millionaire tenants.
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