The average renter makes about $34,000 a year, but while the percentage of renters declines after incomes exceed $20,000 and rents exceed $600 a month, it jumps again once incomes top $150,000 and rents top $1,200 a month. In other words, poor people rent modest apartments for lack of choice. Middle-income people buy houses. High-income people, presumably with a dose of financial savvy, often rent nice apartments instead of buying.
So if our rent is more than $1,200 a month we should be pulling down $150,000 a year? No wonder!
Case in point from a caps-lock challenged real estate agent: 12 REASONS TO STOP RENTING!! ...within 12 miles of Downtown Los Angeles. The square footage inside these dozen lower middle-class properties under $360,000 makes us rather rent space inside a dozen box of Sprinkles.
· Why rent? To get richer [MSN Money]
· 12 Reasons to Stop Renting [Sold in the City]