Housing
The Rise of the Millionaire Renters
Affluent households have started to make up a significant share of renters in major US cities. Will the trend hold?
Of the millionaires living in Jersey City back in 2015, none of them were renters. And why would they be?
The average price for a single-family house in a Jersey City neighborhood like Bergen-Lafayette, where 19th-century Victorians intermingle with traditional brownstones just a stone’s throw from Liberty State Park and its stirring views of the Manhattan skyline, was about $230,000 back then — deeply affordable for the rich, even for a house that needed a lot of work.