Wealthy Salt Lake Renters Surge Amid Home-Buying Squeeze
Salt Lake City Joins National Trend of Rising Affluent Renter Population Wealthy Americans are increasingly opting for rental properties over homeownership. Salt Lake City has become a key area in this nationwide trend. The city is now one of 35 major metropolitan areas seeing a rise in affluent renters. This indicates a significant shift in housing preferences among high-income Americans. In 2023, nearly 7% of Salt Lake area renters were considered wealthy. This marks a notable increase from previous years and mirrors a broader national trend. Such changes challenge traditional views on wealth accumulation and housing choices. The shift is largely driven by the desire for urban amenities without property maintenance. Affluent renters prefer the flexibility of renting over the long-term commitment of ownership. Rising home prices create entry barriers, even for wealthy individuals. This makes urban rental lifestyles more appealing to them. Wealthy renters are defined as households in t...