Many Valley millionaires are choosing to rent their homes

Now that housing prices have reached new heights, a contingent of high-wealth renters is bubbling up in many cities, including Phoenix. According to RentCafe, 333 renters— the ninth-largest number out of a list of 24 cities—earn at least $1 million a year. Instead of buying a home, this faction is investing in “stocks, bonds, their own businesses, or other assets,” RentCafe analyst Veronica Grecu explained to Axios.

Source: https://www.axios.com/local/phoenix/2024/02/14/millionaires-rent-housing-valley