These 10 Cities Have the Richest Renters

You might know a high-income renter or consider yourself to be one. According to market insight findings from RentCafe, there are currently 2.6 million high-earners choosing to rent instead of buy a home in the United States. The number of renters earning $150,000 or more annually has grown by 82% between 2015 and 2020, faster than all other income groups.  

Why would a high-earner choose renting over buying? Home prices make up part of this answer, especially for high-earners living in expensive cities where home price growth is high compared to renter income. A chart created by RentCafe took a closer look at U.S. cities that are experiencing the biggest increase in high-income renter households. 

In ascending order, these 10 cities are home to the richest renters.

• High-income renter households 2020: 10,419
• High-income renter households 2015: 4,696
• Increase in high-income renter households: 122%
• Home prices increase: 54%

• High-income renter households 2020: 4,848
• High-income renter households 2015: 2,172
• Increase in high-income renter households: 123%
• Home prices increase: 66%

• High-income renter households 2020: 3,794
• High-income renter households 2015: 1,682
• Increase in high-income renter households: 126%
• Home prices increase: 23%

• High-income renter households 2020: 12,490
• High-income renter households 2015: 5,441
• Increase in high-income renter households: 130%
• Home prices increase: 58%

• High-income renter households 2020: 34,585
• High-income renter households 2015: 15,063
• Increase in high-income renter households: 130%
• Home prices increase: 52%

• High-income renter households 2020: 17,838
• High-income renter households 2015: 7,753
• Increase in high-income renter households: 130%
• Home prices increase: 49%

• High-income renter households 2020: 5,935
• High-income renter households 2015: 2,476
• Increase in high-income renter households: 140%
• Home prices increase: 58%

• High-income renter households 2020: 9,503
• High-income renter households 2015: 3,828
• Increase in high-income renter households: 148%
• Home prices increase: 59%

• High-income renter households 2020: 8,653
• High-income renter households 2015: 3,258
• Increase in high-income renter households: 166%
• Home prices increase: 53%

• High-income renter households 2020: 33,111
• High-income renter households 2015: 12,305
• Increase in high-income renter households: 169%
• Home prices increase: 58%