There has been a rise in the number of millionaires renting homes in the United States, which reflects how the calculus around homeownership has changed for even the wealthiest in the nation, write Gina Heeb and Paul Overberg for The Wall Street Journal.

For instance, biotech executive Arun Das and his wife purchased a 19th-century row house in Rittenhouse Square, subsequently launching a major renovation on the home that was expected to take at least a year.

However, less than halfway through the renovation, they sold the house. They instead decided to rent indefinitely at a high-rise nearby.

This provided a break from the months of unexpected renovation and maintenance issues at the house, with added costs of as high as thousands of dollars a month on top of a $5,000 mortgage.

“We steadily began to realize the magnitude of the task ahead of us, not even in terms of financial resources, but just time and effort and coordination,” Das said. “The hour that we can save a day, it’s time that we can spend with the kids or to have a glass of wine together.”

Philadelphia-based developer Post Brothers, which worked on the high-rise where the Dases live, designs some properties that cater to higher-income “forever renters.”

Read more about the increase of millionaires renting homes in The Wall Street Journal.

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