High-income renters are now the fastest-growing segment of the housing population, according to a study by Apartment List.
The number of households who earn six-figures and choose to rent has grown 48% over the past decade, the study found. Multi-family construction has quadrupled since 2010 and now exceeds pre-recession levels, with most of the activity on the high end.
Many high-earners increasingly value the flexibility of renting and want to live close to high-paying jobs in city centers. Many high earners are locked out of home ownership by the high cost of purchasing a home while managing student loan debt and stricter lending standards.
The rise of high-income renters has been most dramatic in mid-size, growing metropolitan areas, particularly Denver, Austin, and Oklahoma City. Growth in this category has been slower in the largest and most expensive markets, including New York, Los Angeles, and San Francisco.
Related Stories
Codes and Standards | May 5, 2020
NAHB loses influence in 2021 IECC building code development
Despite objections from the National Association of Home Builders (NAHB), the development of the 2021 International Energy Conservation Code (IECC) is nearing conclusion. NAHB objected to several more stringent energy efficiency provisions.
Codes and Standards | May 5, 2020
2020 IECC will lead to significant carbon emissions reductions
New model building code nearly finalized.
Codes and Standards | May 4, 2020
New York expands prevailing wage law
Now includes private projects with 30% or more of public subsidies.
Codes and Standards | May 1, 2020
OSHA says most employers don’t have to track worker COVID-19 infections
Agency clarifies responsibility for contractors, others.
Codes and Standards | Apr 29, 2020
New York City tightens restrictions on construction during pandemic
Dept. of Buildings has issued more than 100 violations and stop-work orders.
Codes and Standards | Apr 28, 2020
ASHRAE, WELL panels to tackle revising standards to limit spread of viruses in buildings
Will examine ways to reduce infectious threats through building designs and operations.
Codes and Standards | Apr 24, 2020
Dept. of Labor issues guidance for respiratory protection during N95 shortage
Elastomeric respirators or powered, air-purifying respirators, and expired N95s are allowable alternatives
Codes and Standards | Apr 23, 2020
Group will create ecosystem for smart building data
Seven Finnish companies aim to integrate all technical systems into a single platform.
Codes and Standards | Apr 23, 2020
COVID-19 epidemic demonstrates value of flexible hospital space
Some rooms being repurposed for ICU care.
Codes and Standards | Apr 15, 2020
Embodied carbon footprint can be reduced by using conventional materials
High-SCM concrete, and cellulose and wood fiber insulation among the greener alternatives.