Real Estate Rich Venturers Skyrocketing number of upper middle class Queens residents are renting BY ANGELA MATUA People making a hefty salary have been flocking to Queens, a new report has found. Real estate listing company Rent Café recently released a report outlining 16 January 2017 i LIC COURIER i www.qns.com Photo via Shutterstock the number of affluent renters and homeowners in each borough. The report found that Queens saw the second highest influx of rich renters from 2005 through 2015, after Brooklyn. For the purpose of the report, affluent renters and homeowners consist of households making $150,000 per year or more. The number of affluent renters in Queens jumped from 8,500 in 2005 to 29,500 in 2015, a 247 percent increase. The number of affluent homeowners in Queens is more than double the amount of renters, but that number increased by 111 percent in the last decade from 30,090 to 63,623. Still, the share of Queens renter households making $50,000 or less sits at 51.7 percent while the share of renter households making $50,000 to $75,000 is 18.8 percent, the report found. About 11.9 percent of renter households make $75,000 to $100,000 and 10.9 percent of renter households make $100,000 to $150,000. Only 6.7 percent of renter households in Queens make $150,000 or more, which is 3.2 percent less than the New York City average. NYC has the most high-income renters in the country, 211,482 households, which is more than all the affluent renters in San Francisco, Los Angeles, Chicago, Houston, San Jose and San Diego combined. A recent report by StreetEasy predicted that in 2017, more New York City residents will look to purchase homes rather than rent because of the increasingly high cost of rent. But the influx of renters in almost all boroughs, excluding Staten Island, may signal that people’s attitudes toward renting are changing. To view the full report, visit Rent Café’s website. The amount of affluent renters and homeowners in Queens skyrocketed in 2015.
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