Even in a relatively affordable housing market like Houston, the number of high earners choosing to rent rather than buy has skyrocketed in recent years. According to realtors, the appeal goes beyond spacious floor plans, high-end kitchens, and luxury amenities.
Here's what to know
In Houston, the number of renting households with incomes of $1 million or more jumped 1,189% between 2020 and 2024, according to a RentCafe analysis cited by Realtor.com. The increase was the largest among major metropolitan areas, much greater than the national average of 229%.
In Houston, Realtor.com's data put the metro's median list price through September 2026 at $356,173, with roughly $1.19 million marking the entry point for the most expensive 5% of listings. For high earners, those prices put buying well within reach in Houston, unlike in some expensive coastal cities.
And yet, at Houston's 20-story Langley tower, rents start at around $10,000 a month, and business has been booming.
Corey Lipscomb, who markets The Langley, explained that renting allows residents to enjoy luxury amenities without taking on the obligations of ownership. Upkeep, unexpected bills, and other ownership duties are among the burdens that renters avoid while still enjoying the comforts of a luxury home.
"It's just a much more carefree, lock-and-leave option," Lipscomb said, per Realtor.com.
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More background
In recent years, the expenses associated with homeownership, from insurance premiums to property taxes to maintenance, have increased significantly. For example, Texas homeowners paid an average insurance premium of $3,291 in 2024, up about 66% from $1,987 in 2020, according to Texas Department of Insurance figures cited by Realtor.com. Homeowners also faced the risk of flooding and other disasters.
Similarly, in Harris County, where Houston is located, the median property tax payment was 27% higher for 2020-2024 than for the five years before that, according to Realtor.com. Even for households that can afford a down payment, those expenses can influence whether it makes financial sense to buy versus rent.
Beyond ownership costs, Houston's growing population has boosted the demand for temporary housing. Census estimates cited by Realtor.com put the metro's population at nearly 7.8 million in July 2024, about 609,000 more than in July 2020.
Lipscomb said he has worked with renters who are relocating, remodeling, waiting for luxury developments to open, or deciding where to buy. His clients have included doctors, families, empty nesters, and people going through divorces.
Where can I learn more?
Houston's luxury renters aren't the only ones weighing the costs and responsibilities of owning a home.
• Texas residents paying $1,000 in HOA dues spent months waiting for street lights to work.
• In California's Coachella Valley, condo HOA fees reached $1,887 a month, adding to ownership costs.
• Florida accounted for seven of 10 metros where HOA fees take the biggest mortgage share.
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