DENVER (KDVR) — Denver is home to one of the nation’s highest amounts of high-income renters – those making at least $150,000 a year.
As home prices have climbed to unprecedented affordability levels nationwide, many cities are seeing upticks in the number of potential homeowners who choose to rent instead. According to a RentCafe analysis of income and rental data, the number of renters who make that amount nearly doubled between 2015 and 2020.
In Denver, the number of renters with incomes over $150,000 more than doubled.
From 2015 to 2022, the number of high-income renters in Denver grew by 130%, the fifth-highest rate in the country.
The growth in high-income renters coincides with home prices. Among the cities examined by RentCafe, Denver’s single-family home price grew by 58%, the second-highest.
Denver is among the cities with the most of these well-to-do renters.
There were 12,490 renters in Denver with incomes over $150,000, more than in Phoenix but not as many as in Philadelphia. New York City, Los Angeles and San Francisco have the most.
Denver also has one of the highest shares of wealthy renters. About 8.8% of the city’s renters fall in this bracket, roughly the same as Chicago or Los Angeles.