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38 | M R EP O RT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST ORIGINATION Potential Homebuyers Opting to Rent Rather Than Buy The share of families living in apartments has reached the highest level in half a century, as a new RentCafe study shows more of those who could purchase a home are choosing instead to rent. W ith 43 million families living in apartments, the highest level in half a century, renting is popu- lar even among high-earners who can buy but prefer to rent their homes instead. Accord- ing to the most recent analysis of IPUMS data from RentCafe shows that the number of rent- ers with annual incomes of over $150,000 grew by 82% between 2015 and 2020, faster than rent- ers overall. There are now 2.6 million high-earners living in rentals in the United States and among them are many million- aire renters. High-income renters earn- ing $150,000 or more saw rapid growth of 82% in five years—the most significant increase among all income groups—followed by renter households with an- nual incomes between $100,000 and $150,000. At the same time, middle-income renters grew at a slower pace but still posted double-digit increases. The only segment to register a drop was that of households earning less than $50,000, which decreased by 11.2%. This is explained by low-income renters moving in with family members when the pandemic started, as well as households whose earnings grew and transitioned to higher-income groups. Top Cities with Biggest Increase in High-Income Renter Households 1. Seattle 2. Miami 3. Portland, Oregon 4. Nashville, Tennessee 5. Austin, Texas 6. San Jose, California 7. Denver, Colorado 8. Indianapolis, Indiana 9. Las Vegas 10. Phoenix