Renting

Boston saw a 104% jump in high-income renters — but not as much as this Mass. city

Nationally, the Hub landed at 10th on RentCafe's list of millionaire hotspots.

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February 10, 2023

The number of Boston renters earning more than $150,000 a year doubled between 2015 and 2020, according to a report listing database RentCafe released Friday, but another Massachusetts city saw a whopping 125% increase.

Hello, Worcester, we see you and your well-heeled tenants. (In Springfield, it was 29%.)

Boston still has the largest high-earner renter community — 27,126 households, which reflects 15% of the city’s total rental population.

But when you look at the renters making the bigger bucks, the millionaires, Boston “is not a preferred destination,” according to the report. Our capital ranks 10th in the United States.

Nationally, “the number of renter households with incomes of more than $1 million reached a record high of 3,381 in 2020 — three times as many as there were in 2015,” RentCafe reported, citing data from the Census Bureau and IPUMS. “In nine of the 10 cities where the number of top-earning renters leapfrogged considerably, growth in home prices was higher than the national average (29%).”

Which generation has the most millionaire renters? Millennials.