Throughout the United States, high-income renters have become part of the norm.
According to Apartmentlist.com, high-income renter households, people earning at least $100,000 per year represents the fastest growing part of the U.S and nearly 2 million of them have become renters.
Over the past ten years, there have been dramatic increases in the number of high-income renter households, from 3.8 million in 2008 to 5.7 million in 2017.
In the Milwaukee area, all renters stayed steady, but high-income renters spiked in 2016.
In Minnesota, cities like Bloomington, St. Paul and Minneapolis – there was a major spike in 2017.
While in Chicago, Naperville and Elgin there has been a steady rise in high-income renters since 2013.
One of the reasons why renting has seen an increase is due to economic factors that have made it hard for people to purchase homes and mortgage credit requirements.