You’d think U.S. millionaires would almost always own a home. But a new study shows that a growing number of wealthy people are choosing instead to rent.
RentCafe in a recent Market Insights report said that the number of millionaire renters in the United States has more than tripled in the last five years. In 2019, there were 4,512 U.S. households earning seven figures but choosing to rent.
By 2023? That number increased significantly to 13,700 households.
RentCafe reported that southern cities are seeing the fastest growth in millionaire renters. According to the report, Houston went from seven wealthy renter households in 2019 to 179 by 2023. That represents a 25-fold increase.
In little surprise, RentCafe found that New York City boasted the greatest number of millionaire renter households in 2023, with 5,661. San Francisco came in second place with 1,411, while Los Angeles rounded out the top three with 823.
Chicago had the most millionaire renter households in the Midwest in 2023, with 382. Austin, Texas, ranked 12th on the list with 207 renter households, while Dallas ranked 14th with 185 and Houston 15th with 179.
