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Well-To-Do Americans Prefer Renting Than Buying

Business and technology hubs like San Francisco and Seattle have the highest numbers of wealthy renters.

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Nationwide, more than 1.35 million households making at least $150,000 per year became renters between 2007 and 2017. Pixabay

Although they can afford to purchase a home, more well-to-do Americans are choosing to rent instead.

The number of U.S. households earning at least $150,000 annually that chose to rent rather than buy skyrocketed 175 percent between 2007 and 2017, according to an analysis by apartment search website RentCafe, which used data from the Census Bureau to reach its conclusions.

This new breed of renters challenges long-held assumptions that Americans rent a place to live primarily because they can’t afford to buy a home.

“Lifestyle plays an important part in their decision to rent,” study author Alexandra Ciuntu told VOA via email. “Renting in multiple cities at once has its perks, and so does changing one trendy location after another.”

FILE — A new apartment building on Mission Street in San Francisco, one of 20 U.S. cities with the most significant increase in the number of wealthy renters.
A new apartment building on Mission Street in San Francisco, one of 20 U.S. cities with the most significant increase in the number of wealthy renters. VOA

Business and technology hubs like San Francisco and Seattle have the highest numbers of wealthy renters.

“Given the escalating house prices, it seems like a verifiable better decision to go with renting for longer,” Ciuntu said. “Given that in San Francisco, for example, $200,000 buys you just 260 square feet, it’s understandable why top-earners give renting a serious try before deciding whether to invest in a property or not.”

In fact, in both San Francisco and New York, wealthy renters outnumber well-to-do buyers. There are more high-earning renters — 250,000 — in New York City that anywhere else in the country.

FILE — Penthouse view in New York City, where wealthy renter-occupied households have doubled in the last decade. (Photo by Flickr user Carlos Pacheco via Creative Commons)
Penthouse view in New York City, where wealthy renter-occupied households have doubled in the last decade. (Photo by Flickr user Carlos Pacheco via Creative Commons. VOA

“Ten years ago we would have associated real estate equity with life stability, whereas the two are not necessarily interrelated nowadays,” Ciuntu said. “Renting proves to be a more flexible option for those enjoying a dynamic and rich lifestyle. From a more millennial standpoint, this is no longer a brief solution before settling down, but rather an attractive world of possibilities.”

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However, this rental enthusiasm doesn’t mean folks in the wealthiest brackets are rejecting homeownership, according to Ciuntu. Between 2007 and 2017, Chicago added 9,800 more wealthy owners than high-income renters, Seattle gained 13,400, and Denver added almost 18,000 more well-to do earners than wealthy renters. (VOA)

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NY to make Medication-Assisted Treatment Available to all Jail Inmates Struggling with Opioid Addiction

Laura Levine says she never smoked a cigarette or touched a drink until age 35. Then the mother of five tried heroin, and she was hooked

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Laura Levine prepares to dispense drugs at Vocal NY, an organization that works with addicts, where she is the health educator and coordinator for the opioid reversal drug Narcan, in the Brooklyn borough of New York, March 15, 2019. VOA

Laura Levine says she never smoked a cigarette or touched a drink until age 35. Then the mother of five tried heroin, and she was hooked.

After some brushes with the law — petty larceny to support her habit — she was booked into Nassau County jail and withdrawal started kicking in. As the nausea, shaking and sweating grew worse, she began pleading with guards for help.

“They kind of laughed and said, ‘You’ll be fine. Nobody dies from heroin withdrawal,’” said Levine, who is in recovery and now works to help others struggling with opioids. “I would rather give birth to all five of my children again without medication than go through withdrawal again.”

More help for people like Levine could be on the way, as lawmakers in New York are considering a measure to make medication-assisted treatment such as methadone or suboxone available to all prison and jail inmates struggling with opioid addiction.

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FILE – Family and friends who have lost loved ones to OxyContin and opioid overdoses leave pill bottles in protest outside the headquarters of Purdue Pharma, which is owned by the Sackler family, in Stamford, Conn., Aug. 17, 2018. VOA

States across the country are considering similar approaches amid research that shows that the drugs along with behavior therapy can help addicts reduce the withdrawal symptoms and cravings that drive many addicts to relapse.

Federal statistics suggest more than half of all inmates in state prisons nationwide have a substance- abuse problem. New York officials say that percentage could be as high as 80 percent in state and local lockups, which at any given time have about 77,000 inmates.

Drug policy experts point to the success of a similar program in Rhode Island, which has seen a sharp drop in the number of former inmates who died of overdoses, from 26 in 2016 to nine last year.

Other successes have been reported in local jails in Louisville, Kentucky; Sacramento, California and in Massachusetts.

“It makes no sense that people who have a public health issue don’t have access to medicine,” said Jasmine Budnella, drug policy coordinator at VOCAL-NY, a group that advocates on behalf of low-income New Yorkers on such issues as criminal justice, drug policy and homelessness. “In the U.S., we talk about human rights but we are literally torturing these people.”

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FILE – Oklahoma Attorney General Mike Hunter speaks at a news conference in Oklahoma City, April 26, 2017. Oklahoma is one of at least 13 states that have filed lawsuits against drugmakers, alleging fraudulent marketing of drugs that fueled the opioid epidemic. VOA

Two years ago, 24-year-old Matt Herring died of a drug overdose after years of struggling with addiction and bouncing in and out of correctional facilities. His mother, Patricia Herring, said Matt once tried to smuggle suboxone into jail in order to avoid the horrors of withdrawal. Guards found the medication and took it away.

Patricia Herring has now become a self-described “mom on a mission” to push for greater resources for addiction treatment in correctional facilities.

“If he had been given medication-assisted treatment when he entered, I don’t know, maybe things would have been different,” she said.

With no organized opposition, the debate over supporting medication-assisted treatment in correctional settings comes down to dollars and cents. Some counties have paid for programs in their jails; others have not. A total of six state and local lockups in the New York City area, for example, have limited drug-assistance programs for opioid addicts.

Albany County became the first county in the state outside of New York City to offer medication-assisted treatment. Sheriff Craig Apple said he’s become a believer.

“It took me a while to get on board with this, but we’re already seeing early success,” he said.

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Drug policy experts point to the success of a similar program in Rhode Island, which has seen a sharp drop in the number of former inmates who died of overdoses, from 26 in 2016 to nine last year. VOA

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A state budget proposal from Democratic Gov. Andrew would spend $3.75 million to expand access in county jails, and use more than $1 million to expand its use in state prisons. Democratic leaders of the state Legislature have called for more, and advocates say they want to see at least $7 million in the annual budget.

A decision is expected before April 1, when the new budget is due.

“Addiction is a disease,” said New York Assemblywoman Linda Rosenthal, a Manhattan Democrat who is sponsoring the drug-treatment legislation. “We should treat it like a disease.” (VOA)