PHOENIX — A growing share of high-income residents in the Phoenix area are choosing to rent instead of buy, according to a new report from Redfin.
Nearly 8% of renters in the region now earn more than $160,000 per year. Rising home prices, limited housing inventory, and the flexibility of renting are pushing even wealthy individuals away from homeownership.
The Valley’s ongoing housing shortage and slow-moving legislative action have made buying increasingly difficult — even for those with the means to afford it.
