Ryan Dezember, Laura Kusisto and Shane Shifflett:

“Houses are the democratic assets, roughly half of housing wealth is owned by the middle class,” said Moritz Schularick, a professor of economics at the University of Bonn and one of the authors.

It isn’t unusual for high-earners to rent in pricey coastal cities like New York and San Francisco, where sky-high real-estate prices have long limited homeownership. Yet these markets account for less than 20% of the new six-figure renters, according to the Journal’s analysis.