PHOENIX — How well do you know your neighbors? If you live in metro Phoenix, there’s a growing chance they could be millionaire renters.
Valley households earning $1 million or more per year are increasingly choosing to rent rather than buy homes, according to a recent report from RentCafe.
The report, which analyzed data from IPUMS — a public database from the University of Minnesota — shows that from 2019 to 2023, the number of Phoenix-area renter households with seven-figure incomes increased by 519%. That’s compared to a 347% increase for million-dollar earners who chose to buy homes…