"Millionaire renters in the U.S. have tripled from 4,500 in 2019 to nearly 13,700 in 2023, showing a surprising shift among the wealthy toward renting. While New York and San Francisco remain popular, Texas and Florida are emerging as new hotspots for affluent renters seeking flexibility and luxury without homeownership hassles. Rising costs and market challenges are making buying less appealing-even for millionaires."
"Between those four years, the number of renter households with an income of $1 million or more grew from 4,500 to 13,700. An additional 9,200 millionaire renters entered the market. Now, 1 in 11 millionaires are renters, compared to 1 in 13 in 2019. While both millionaire renters and homeowners have surged over the last four years, renters are rising faster. The number of millionaire renters surged by 204%, outpacing the 169% growth in millionaire homeowners."
The population of millionaire renters in the United States grew from about 4,500 in 2019 to roughly 13,692 in 2023, adding about 9,200 renter households with incomes of $1 million or more. Renter millionaires now represent about 1 in 11 millionaires, up from 1 in 13, with a 204% increase for renter millionaires versus 169% for millionaire homeowners. New York and San Francisco remain affluent rental hubs, while Southern metropolitan areas, particularly Houston, Dallas, Texas and Florida locations, have seen the largest gains. Drivers include stock market gains, tech expansion, remote work flexibility, a preference for turnkey living, and rising housing costs that make buying less appealing.
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