Jun 2, 2025 - Real Estate
Rich renters are increasing in the Philly region
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The Philadelphia region has more wealthy renters than before the pandemic, according to a new report from Redfin.
The big picture: Rich renters are on the rise in 35 of the 50 most populous U.S. metros, the real estate site found.
By the numbers: 5.9% of Philly renters in 2023 were considered wealthy, up more than a half percentage point from 2019.
Yes, but: The Philly region has fewer rich renters compared to the national average of 7.9%.
How it works: Researchers defined wealthy renters as those with a household income in the top 20% of local incomes.
- In the Philly metro, a household needs to earn at least $172,967 annually to hit that mark, per Redfin.
- In comparison, the income needed to afford a home in the Philly region in 2023 was roughly $59,400.
Zoom out: Homebuying in the Philly region is relatively affordable but renting is significantly cheaper.