A growing number of affluent Phoenix-area residents are opting to rent rather than buy, with nearly 8% of local renters now earning over $160,000 annually, according to Redfin. Rising home prices, a shortage of available housing and the appeal of rental flexibility are driving this trend, even among those who could afford to purchase. The Valley’s severe housing deficit and stalled legislative efforts continue to make homeownership increasingly out of reach, even for the wealthy.
Source: https://www.axios.com/local/phoenix/2025/05/28/wealthy-renters-increase-phoenix-area-2023
