Three million U.S. households making over $150,000 are still renting.

The Wall Street Journal reported that a hike in the cost of homeownership and a limited supply of homes has driven the rise of rental properties, with the story noting, “three million U.S. households making over $150,000 are still renting.” According to the U.S. Census Bureau, five-year estimates show that between 2016 and 2021 the number of renter households making $150,000 or more a year rose 87%. The Census also reported that about 44 million households rented, and the median income of these households was nearly $71,000 in 2021.

Real-estate companies have helped accelerate the trend of wealthier renters. Investment companies have begun buying thousands of suburban homes and then renting them out to high-income earners. Apartment complexes have started amenity-focused buildings, and home builders are catering to “single-family houses designed to be rented instead of sold,” reported The Journal. Chief Executive of AHV Communities Mark Wolf told The Journal, “Higher rents are here to stay.” AHV Communities is a development company that builds single-family rental homes near Seattle, where the average household income is more than $200,000.

Source: CNBC