The share of high-earning Millennial renters saw a 20% spike in 2023 compared to the previous year, reaching 43% (a 5-year high), according to a new report by RentCafe. Due to the difficulties of buying a home, would-be Millennial homebuyers with annual incomes over 50K perpetuate a lifestyle renting trend that has been visible for years now.
Small American cities perceived as homeowner territory, seem to be the preferred locations for would-buy Millennial renters; however, in the big city league, Charlotte has seen the 6th highest influx of wealthy renters.
Here are some important data points for Charlotte:
- Last year, Charlotte welcomed more high-earning Millennial renters, as their share jumped by 26% compared to last year. This may also be connected to the fact that in Queen City, the median income of Gen Y applicants has reached 50,400/year in 2023.
- By comparison to other generations with similar incomes, the share of high-earning Millennials in Charlotte has increased the fastest – wealthy Gen X and Baby Boomer renters only went up by 16% and 7%, respectively.
