The number of millionaire renters in the Bay Area has surged, increasing fourfold between 2019 and 2023. Nationally, millionaire renters tripled, outpacing the growth of millionaire homeowners. This trend signifies a shift away from traditional homeownership, driven by financial concerns and a preference for flexibility among tech professionals. In San Francisco, millionaire renters rose from 321 to 1,411, while in San Jose, the number jumped from 173 to 577. Many wealthy individuals no longer view homeownership as an essential economic goal, viewing it instead as a burden.
The trend indicates a significant decline in the desirability of homeownership among wealthier individuals in the Bay Area, with renting becoming a more attractive alternative.
The increase in millionaire renters from 4,512 to 13,692 represents a dramatic change, showing a growing preference for rental over ownership among high-income earners.
Collection
[
|
...
]