Even Richmond renters earning $160K aren't buying homes
Nearly 7% of renters in the Richmond area made more than $160,000 in 2023, per a Redfin analysis of the latest Census data.
Why it matters: Sky-high home prices, elevated mortgage rates and a shortage of houses for sale pushed homeownership out of reach for many after the pandemic.
The competition for homes is intense, houses here sell quickly and more are selling for over a million dollars.
And while $160,000 is almost three times the median city salary, it's not million-dollar-home comfortable.
Between the lines: Redfin researchers noted that some wealthier renters are opting for a more flexible lifestyle and not investing their money in real estate.
Plus, in the Richmond area, nearly half of Zillow rental listings are offering some concessions like a free month's rent or utility discounts to make renting more enticing.
By the numbers: Redfin defined wealthy renters as those with a household income in the top 20% of local incomes — about $160,700 in the Richmond area in 2023.
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