Even the top 5% are turning away from homeownership in the U.S.
Wealthier Boston suburb homeowners face the same Boston housing affordability struggles, though to a much lesser degree. As Boston condo for sale prices jumped and confusion in whch direction the economy is heading followed in tandem, those with means seem to be opting to rent a Boston apartment and put their money into stocks and investments rather than opting to purchase a Boston condo for sale. Rising costs of homeownership — such as property taxes and insurance premiums — are also scaring away prospective buyers.
Once upon a time, renting was the norm for those who were saving towards a down payment and homeownership. But even the wealthiest Americans are turning into “forever renters.”
Case in point, from 2018 to 2022, the share of renters with a $750,000 annual income rose to 10.5 percent, according to data from IPUMS at the University of Minnesota. That’s the highest level of wealthy renters since the survey tracking shares started in the mid-2000s.
That’s not the only historic notch for rich renters. For households with a net worth ranked in the top 5 percent, the share of renters jumped to 3.7 percent in 2022, per the Federal Reserve’s Survey.
Love thy neighbor
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