Tesla vehicle deliveries and US median monthly rent have, between 2015 and 2023, risen together at a correlation of 0.990. The two most iconic symbols of post-2015 American affluence — the electric luxury sedan and the eye-watering rent check — have grown together at a correlation so tight that they are practically the same household expense. And in many cases, they are.
Tesla deliveries grew from around 50,000 in 2015 to over 1.8 million by 2023. US median monthly rent climbed from $900 to over $1,350 in the same window. Both trends are products of the same affluent urban consumer demographic: the same households that can afford rising rents are often the same households that can afford new EVs, and both markets are concentrated in the same coastal metros. The Model Y and the lease are not rivals. They are both on the same W-2.
Nine years of two lines rising together can describe one demographic's spending compounding across categories. The lease and the car payment come from the same bank account. Both keep climbing.
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Want to learn more about why correlations like “Tesla vehicles delivered” vs “U.S. median monthly rent” don't prove causation? Read our guide to statistical thinking.
