By Brianna Crane, Jeremy Duda | Axios
Several hundred millionaires in the Valley are choosing to rent instead of buy their homes, according to the latest data from RentCafe.
Why it matters: We’ve long been told real estate is the best investment you can make. But more people with extra cash are choosing to put it elsewhere.
What’s happening: Renting is the better deal in nearly every U.S. city right now.
- So instead of dumping their capital into homeownership, rich renters are growing wealth by putting their money into “stocks, bonds, their own businesses, or other assets,” RentCafe analyst Veronica Grecu tells Axios.
By the numbers: In the Phoenix metro area, 333 households with an annual income of at least $1 million rented in 2022.
- The Valley ranked ninth for millionaire renters among the two dozen metro areas RentCafe analyzed.
