Fazed by the high costs of houses and apartments and their upkeep, plus rising mortgages, more Americans are renting rather than buying properties like never before, Fortune magazine reports.

Forty-three million families in the U.S. are now living in apartments, the highest level in 50 years, according to a report from RentCafe. Included in this group are 3,381 millionaire households now renting where they live, triple the number between 2015 and 2020.

Upper-middle and high-income households, those making $150,000 or more a year, that rent are up 82% — the largest jump in any income bracket.

Home prices in cities and bedroom communities that attract the well-educated and well-paid, are 29% more expensive than in other regions of the country.

This is prompting high earners to invest their money elsewhere and to prefer flexible one-year leases to home ownership, so they can pick up and move more easily for better career opportunities.

Furthermore, nearly 50% of Millennials are averse to debt, including mortgages, which could explain why 28% of this demographic group rent where they live as opposed to own it.

“Some high earners, including some millionaires, prefer to funnel their cash into other types of assets that hold value,” according to RentCafe.

With more well-paid people renting in cities on the East and West coasts, finding a nice rental in places like New York and San Francisco has become super competitive — and this has led to higher rents.

However, rents for one- and two-bedroom apartments in major cities are beginning to come down, according to Zumper.

“Rental demand is still relatively high, thanks to chronic undersupply in most markets, plus many people opting out of the buying process,” says Zumper CEO Anthemos Georgiades. “Asking rent prices will likely continue flattening, but don’t expect them to come to a skidding halt.”