A new report highlights an unexpected trend: millionaires are increasingly opting to rent instead of buy homes, citing high prices and a lack of value for money.
Add a small number of millionaires to the ever-growing list of Americans who have delayed – or disregarded– homeownership.A Wall Street Journal report released Monday highlighted the surprising uptick in millionaires opting to rent instead of owning their homes despite their ability to afford pricier properties.Millionaire entrepreneur George Goognin, who says value doesn't match price in today's market, is on that list.
One millionaire couple who previously owned a home told CNBC they prefer renting because it allows them to "outsource" their repairs to their property manager, enjoy a walkable environment and spend less time doing chores after downsizing.However, the trend isn't happening everywhere."As an agent with 41 years of experience in real estate, I do not see this trend in the Houston area.
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