High-income earners still choose to rent in Seattle — and it’s becoming more common. While homeownership has traditionally been seen as a financial milestone, many affluent Seattleites are intentionally pressing pause on buying, even with six-figure incomes.

Why Wealthy Renters Are on the Rise in Seattle

Home prices and mortgage rates have increased dramatically over the past few years, outpacing rent growth. For many Seattle residents, especially those in the top income brackets, renting now makes more financial sense than buying.

According to a recent Redfin analysis of Census data, nearly 10% of renters in the Seattle metro area in 2023 were among the top 20% of income earners, with household incomes of at least $218,917. That’s a notable increase from 2019.

Seattle Ranks Among Top U.S. Cities for Wealthy Renters

Seattle is now one of the top five U.S. cities with the highest share of wealthy renters, joining tech-driven and high-cost markets like San Jose, San Francisco, New York, and Orlando.

In these metros, renting isn’t just a fallback—it’s a strategic decision that allows flexibility while preserving capital for future investments or home purchases.

Home Prices vs. Rent: The Data Behind the Decision

Let’s take a closer look at the numbers that are influencing renter behavior in Seattle:

• 36.9%: The increase in income needed to buy a median-priced home nationwide from 2019 to 2023.

• 28.1%: The increase in median rent during that same time.

• In high-cost cities like Seattle, the gap between renting and owning continues to grow, especially with elevated mortgage interest rates in 2025.

A Two-Decade Trend in Seattle’s Rental Market

This shift toward high-income renting didn’t happen overnight. From 2000 to 2019, Seattle saw the largest increase in wealthy renters of any major U.S. metro—rising from 6.7% to 9.5%. This trend tracks with Seattle’s growth as a tech hub and the corresponding surge in housing demand and pricing.

Why Seattle’s Affluent Residents Are Renting in 2025

Today’s high-income renters are choosing to lease for a variety of reasons:

• Financial Strategy: Renting allows for greater savings and less financial pressure while waiting for the right buying opportunity.

• Lifestyle Perks: Upscale rental properties often offer premium amenities and maintenance-free living.

• Flexibility: Renting offers freedom to relocate, travel, or adjust plans without being tied down by property ownership—important in today’s fast-changing job and economic landscape.

Thinking About Renting or Buying in Seattle?

Whether you’re looking to rent in a luxury building or considering the best time to buy a home in Seattle, it pays to stay informed about the local market.

📩 Contact Emily Hawkins, real estate expert and founder of SeattleAtHome.com, for personalized advice on navigating Seattle’s evolving housing landscape.