Where Do Most High-Income Renters Live? Check Out the Top 10 Cities

Curious as to why all those luxury apartment complexes are popping up in your neighborhood? Today’s rental market is changing and a new demographic is taking over: high-income renters. A shift has occurred in the American rental market, resulting in a surge of high-income renters. The number of households who earn six figures and choose to rent has grown 48% over the past decade, and now represents the fastest-growing segment of the housing population.

Even for high income individuals, homeownership is still unattainable. The ever-growing cost of buying a home, combined with managing student loans and other financial burdens, has become a hurdle that a large part of the population finds difficult to overcome. Now more than ever, wealthy Americans are demanding rental options.

This change is prevalent in both rural and urban America, but it growing fastest in mid-size cities powered by strong economies. Check out the list of top 10 cities where the rate of high-income renters is particularly high:

1. San Jose, CA
2. San Francisco, CA
3. Los Angeles, CA
4. New York, NY
5. San Diego, CA
6. Las Vegas, NV
7. Seattle, WA
8. Washington, DC
9. Austin, TX
10. Boston, MA