Jersey City has a high number of millionaires who rent, says RentCafe. See which 4 U.S. cities have more. And what about Hoboken?
HUDSON COUNTY, NJ — As Jersey City transforms into a walkable haven for young people, families, and Manhattan commuters — not to mention a “top foodie town” — it’s attracting big bucks. (And with average rents soaring past $4,000 a month, people may need big bucks to rent.)
The website RentCafe.com says, “Our latest study has uncovered an unexpected surge in the number of millionaire renters in Jersey City, with this elite group getting from 0 to over 100 in just five years. The city — a rather recent haven for high earners — boasts the fifth highest share of millionaire renters in the country.”
The site says they’ve logged at least 104 millionaires renting in the city.
The authors of the study said they don’t have data for neighboring Hoboken, which also has high rents, but the study looked at number of millionaires in total rather than millionaires per square mile, so smaller cities aren’t likely to make the cut.
“The broader bracket of high earners with incomes over $150K has seen the biggest rise among all renter brackets nationwide and Jersey City follows the trend,” RentCafe said.
They added, “Back in 2015, there were no millionaires living in rentals in Jersey City. Over the course of five years, this number grew to an impressive 104. That’s roughly 3 percent of the total number of millionaire renters in the country.
“Also, Jersey City is the latest newcomer among long-standing wealth havens like New York, San Francisco or Washington, D.C.”
Cities With More Millionaires Than Jersey City:
- New York: 2,457
- San Francisco: 294
- Los Angeles: 143
- Washington, D.C.: 121
Is this good news for all?
Some are concerned that longtime tenants, not to mention the residents in fields paying far less than $150,000 per year (Jersey City teachers start at under $50,000 per year) won’t be able to stay in town and pay higher rents.
Tenants and organizers recently pushed for a “Right to Counsel” law in the city similar to New York’s law, to help tenants afford legal help when threatened with eviction and homelessness. Organizers plan to attend this Wednesday’s City Council meeting to press for the law.
Rentcafe said that within their survey, the largest group of millionaire renters are millennials — making up 28 percent of the total — with an average age of 41. Gen X (born 1965-1980) is the second largest group, accounting for 23 percent of the total.
“The average home of a millionaire renter has three bedrooms,” they noted.
Here is the link to the full study and methodology: https://www.rentcafe.com/blog/rental-market/market-snapshots/millionaire-renter-households-triple-in-numbers/
Originally published on Patch.com