The largest share of high-income renters in the U.S. is reserved for San Francisco, where 31% of renter households earn over $150,000 annually . In fact, the only other renter demographic that holds a larger share is that of San Franciscans who make less than $50,000 per year (33.9%).
San Francisco is home to more wealthy renters than homeowners , with the 71,400 top-earning renter households outnumbering the 62,400 high-income owners. The number of wealthy owner-occupied households went from 40,100 in 2007 to 62,400 in 2017. That translates into a respectable 56% increase, but it pales in comparison to the 240% increase experienced by wealthy renter-occupied households (from 21,000 in 2007 to 71,400 in 2017).
Condos and apartments have parking. A car is just for commuting. They walk everywhere for entertainment. If they can walk to work, public transit, or a work shuttle then there’s no need for a car. A car is a need if you live in suburbs where everything is spread out. It’s not a need in the city. Young people want to be in the city.
They might seem to have a better lifestyle based on the car they own but at least you don’t have to kowtow to a boss every single day. So in reality you are happier.
High income people more likely to rent than own in SF. High income young professionals like to rent and enjoy rent control. Lower income people buy houses and rent to these high income royal tenants. How about repeal rent control?
