Millionaire Renters More Than Triple in 5 Years
The number of millionaire renter households has more than tripled in five years, growing 229% from 2020 to 2024.
New research from RentCafe says that while New York City, San Francisco, and Los Angeles still attract the affluent crowd, a new crop of markets is emerging where none existed before.
RentCafe noted that leading the way is Lake Havasu City, Arizona, which had no millionaire renter households in 2020, but has since become an unexpected destination for wealthy renters.
That 229% increase outpaced millionaire homeowners, who grew 193% during the same period, RentCafe said. It noted that because affluent Americans have long preferred owning, the faster climb in renting marks a shift in housing preferences.
Who Are The Renters?
RentCafe pondered who these affluent renters are.
It noted that by household income, the segment looks strong: In total, there were 18,400 millionaire renter households in 2024.
A closer look at individuals earning more than $1 million, though, tells a different story, RentCafe noted, as just 4,462 renters clear that bar on their own.
That means that individual seven-figure earners account for roughly one in four millionaire renter households at most, RentCafe noted. The remaining three-quarters are driven by combined household income — typically two high-earners whose salaries together cross the million-dollar line, the report noted.
Renting is a deliberate choice for a growing number of millionaires because many prioritize mobility without the commitment of owning a home, as well as the ability to relocate without going through the lengthy process of selling a multimillion-dollar house.
Pandemic Accelerate Remote Work
RentCafe noted that the pandemic accelerated the shift as remote work pushed the wealthy to relocate to lower-tax metros such as Houston, where millionaire renters grew 13-fold, versus 3.9-fold for owners. Booming AI-sector wealth has minted new high-earners, many of whom choose to rent.
There is a financial logic at work, too, RentCafe said.
Rather than tying up capital in real estate, many affluent renters prefer to keep their money liquid and invest in a stock market that’s posted strong gains.
Where are they renting and buying?
While traditional strongholds such as New York City, San Francisco and Los Angeles — where renting is often the more practical option — still draw plenty of affluent residents, Southern metros are increasingly staking a claim, RentCafe noted.
That’s especially true in Texas and Florida, where sunshine and a lack of income tax are luring millionaires in growing numbers. Specifically, Houston’s millionaire renters grew 13-fold, from just 18 in 2020 to 232 in 2024 — a remarkable 1,189% surge, RentCafe noted. Granted, 232 households is still a tiny fraction of the Houston metro’s roughly 2.7 million households, but the growth rate far outpaces any other major metro.
Houston’s Affluent Newcomers
RentCafe noted that much of Houston’s surge is fueled by affluent newcomers — including executives, professional athletes and entertainers — who often choose to rent before buying.
Naples, Florida, follows at 986%, surging 11-fold from seven millionaire renters to 76. Miami rounds out the top three with affluent renters increasing 11 times, rising from 51 to 538 for a 955% gain during those five years.
Beyond these hotspots, RentCafe noted that millionaire renters and homeowners are also putting down roots in markets that had only a few — or even no — high-net-worth households just a few years ago. It noted that among the newest destinations for affluent renters is Lake Havasu City, Arizona, which had zero millionaire renter households in 2020, but has more than 200 today.
On the homeownership side, Harrisburg, Pennsylvania, stands out.
RentCafe said there, the number of millionaire homeowner households soared from just three in 2020 to 141 in 2024, driven by the area’s relative affordability; an increase in Pennsylvania’s millionaire population; and Harrisburg’s strong base of government, healthcare, and insurance jobs.
Half of millionaire renters are millennials, but RentCafe noted that wealthy Gen Z renters are rising the fastest.
Gen Z Makes Biggest Gains
Millennials and Gen X are driving the growth in millionaire households, but Gen Z is making the biggest gains. Between 2020 and 2024, RentCafe said that affluent Americans across all three generations became more likely to rent or own homes, with younger millionaires entering the market at a particularly rapid pace.
Nearly half (49%) of millionaire renters are millennials, RentCafe said, and the number of affluent millennial renter households surged 392% during the five years. Gen X is next with 33% of millionaire Gen X households renting after increasing by 147%.
Although Gen Z still represents a small share of millionaire renters (just 2% of the total), no generation has expanded faster, RentCafe said. Gen Z millionaire renter households jumped from fewer than a dozen to more than 400 — a tiny cohort today, but one that was virtually nonexistent five years ago.
