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High-income Earners in Bay Area Choose to Rent, Not Own

Source: mercurynewss.com | Re-Post MNM Partners, LLC 2/25/2019 –

Making a good salary in the Bay Area used to mean buying a home. But over the last decade, high-income Bay Area residents have become far more likely to rent an apartment, condo or single-family home.

The number of renters making over $150,000 a year in San Jose and San Francisco has more than tripled since 2007, according to a new survey by Rent Cafe. The two cities now have the highest percentage of wealthy renters in the country.

It’s part of a national trend. The fastest-growing segment of renters in the U.S. has six-figure incomes, including in the Bay Area, according to a separate study by Apartment List. “The rental market has become more diverse,” Apartment List chief economist Igor Popov said.

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