As someone who rents a four-bedroom single family home in a high cost of living area, I get why renting is becoming a trend among high-income earners. Renting offers an easy way to live in an expensive city while saving up for the future. Plus, it’s often cheaper to rent than to buy in a HCOL area.
Recent news from the Wall Street Journal confirms this trend, with over three million high-income renters across the US. It’s not just about the cost, though. Renting also offers convenience and flexibility.
For high-income earners, renting is just another way of paying for help so they can spend their time doing what they want. The landlord/tenant dynamic is different when the landlord is essentially treated as another servant, but they’re willing to pay for it so it works.
Some people might be quick to judge and see renting as throwing away money since you don’t actually own anything. But that’s not the case. Renting is a perfectly valid option, especially in dense HCOL urban areas where there is no traditional American dream. Here, it’s just about getting a slice of a city and living the life you want.
Renting might not be the same as owning, but it is a viable option for a lot of people, especially in HCOL urban areas. You don’t have to take on a burdensome mortgage, and you don’t have to sacrifice the quality of life you want.
Renting is a smart way to save and live the life you want in a HCOL area. It can be an easy, convenient and flexible way to enjoy your city without taking on a mortgage.