Nearly 7% of Portland renters in 2023 were wealthy, up 0.5 percentage points from 2019, per a Redfin analysis of the latest Census Bureau data.
Why it matters: Rich renters are on the rise in 35 of the 50 most populous U.S. metros, the real estate site reports, and Portland saw the third biggest rise among western cities.
- The trend bucks the conventional wisdom that — if you’ve got the money — buying a home is a better investment than renting.
Zoom in: Researchers defined wealthy renters as people with a household income in the top 20% of local incomes.
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- In Portland, that’s a minimum of roughly $175,000.
- In comparison, the income needed to…