1125 ET - Redfin says that wealthy renters have increased their share of the rental market in 35 of the 50 most populous U.S. metros since 2019, with Raleigh, N.C., and Orlando leading the trend. High homebuying costs, up 36.9% nationwide versus a 28.1% rise in rents, make renting appealing, even for the affluent. In Sun Belt metros like Tampa, where home prices surged 67.4% and required income rose 63.1%, renting grew despite a 51.6% rent increase. Redfin says nationwide, on average there was a 0.5% rise in wealthy renters per 10% drop in homebuying affordability. However, overall rentership declined as low mortgage rates during the pandemic spurred homebuying, suggesting many new homeowners weren't top earners.(chris.wack@wsj.com)
(END) Dow Jones Newswires
March 11, 2025 11:25 ET (15:25 GMT)
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