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What San Francisco has going for it is a solid job market, with high-paying IT and finance jobs occupied by young highly-skilled professionals — a recipe for the typical profile of an affluent renter.” there are 7 times more owner households in the top-income category than renter households. €œ( RentCafe) In 2015, the number of renter-occupied households surpassed the number of owner-occupied households making over $150,000/yr (56,591 renter-occupied vs 54,445 owner-occupied housing units), a situation that is atypical, considering that overall in the U.S. The rise of high income households that choose to rent is something that is new: People that can pull in high income today see the same thing that we see when it comes to housing. Why are they going to buy a piece of crap and lock into a giant 30 year mortgage? In many cases, they are working for tech companies that come and go. The iPhone came out in 2007 and some people act as if it was out for 30 years (interesting that the iPhone came out in the year housing bubble 1.0 burst). Things change at a much faster pace today because of technology. In fact, new data shows a rise in wealthy renter households. And in places like San Francisco, there are actually more households making over $150,000 per year that choose to rent than own. Clearly a household that is pulling in $150,000 or more a year is not “dumb” or low income. One of the typical lines lobbied by cane wielding house humpers is that renters are low income households that simply have no choice but to rent. The implication is subtle on some fronts but others choose to use a 4×4 of clarity by saying renters are simply poor people. Clearly these Taco Tuesday Jimmy Buffet loving fans have failed to take a look at rental rates in San Francisco. They also use an outdated model of the world where Don Draper was the model of success puffing away long and hard on that cigarette. Even in “prime” neighborhoods I am surprised at the lack of tech knowledge by some of these people living in million dollar homes. Some folks just have a hard time seeing that they bought a lucky scratcher at the right time.