High-net-worth cities in California like San Francisco and San Jose have a significant portion of millionaire renters. Since 2019, smaller cities such as Oxnard and Santa Rosa have seen substantial growth in millionaire renters, attributed to the COVID-19 pandemic promoting urban flight as affluent professionals seek more space and cleaner air. Remote work has made living in secondary cities attractive. The trend is supported by soaring home prices in major cities, making renting a more appealing option for high-income individuals seeking to maintain financial liquidity.
The COVID-19 pandemic accelerated urban flight, pushing affluent professionals to look for more space and cleaner air. Many of these high-income earners in tech, finance and media work remotely, which makes residing in secondary cities more viable.
The rise of these new millionaire renter hubs in California has been made possible by the soaring home prices in Los Angeles and San Francisco, which made renting more appealing even for high-income individuals looking to preserve liquidity.
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