1 in 11 Millionaires Now Rents, Southern Metro Areas Become Hotspots for Luxury Living

In a stunning reversal of traditional wealth patterns, millionaire renters have tripled since 2019, outpacing their homeowning counterparts in one of real estate’s most unexpected trends. While New York and San Francisco remain magnets for affluent tenants, emerging hotspots in Texas and Florida reveal a shift in where America’s wealthiest households choose to live — and why many are bypassing homeownership altogether.

Our analysis of IPUMS data shows that the number of households earning $150,000 or more grew by 60% between 2019 and 2023, marking the most significant rise among the traditional income groups. Within the bracket, the number of renters and homeowners in the $1 million+ income category has surged by 204% and 169%, respectively.

Where are millionaires renting and buying now?

What’s more, in addition to these trending hotspots, there are also some less typical markets where high-earning renters and homeowners are springing up in local neighborhoods. Among these new spots, Charleston and Oxnard are proving to be the most appealing to millionaire renters, while homeowners are settling in Portland, ME.

But why are so many high earners choosing to rent in the nation’s largest cities? Many of today’s high-income renters live in metro areas like New York, San Francisco, or Los Angeles, with historically high rentership rates — where the abundance of apartments as well as sky-high costs of homeownership make renting the more practical and cost-effective option.

Millionaire Millennials are more likely to rent, while millionaire Gen X choose ownership

According to IPUMS data, Millennials and Gen X are the two generations driving the rise in millionaire households. However, while today’s typical millionaire renter is more likely to be a Millennial, the typical high-earning homeowner is more likely to be Gen X. Between 2019 and 2023, there was a clear generational shift as the share of high-earning Millennials who rent increased significantly (by 60%), outpacing Gen Xers who turned towards homeownership instead.

On the other hand, among homeowners, the shift occurred between Baby Boomers and Gen Xers. While Baby Boomers made up the majority of millionaire homeowners in 2019, an increasing number of Gen X millionaires have since moved into homeownership, surpassing Boomers. As a result, Gen X has become the dominant group of wealthy property owners.

Although things have changed for Millennials recently, as they have transitioned to an owner-majority since 2022, many still opt to rent, which demonstrates the value this generation places on the flexibility and convenience renting offers.

So, what do most millionaires do for a living? They’re still busy running companies, writing software, practicing law along with various other high-paying occupations, ranging from financial analysts, real estate agents or even marketing and public relations, according to IPUMS data.

Southern metros are hotspots for millionaire renters with Houston, Dallas and Miami in the lead

While traditional luxury living metros still dominate, a remarkable percentage of millionaire renters are turning their attention to Southern metro areas, which have seen the most significant growth in wealthy renters. Leading the pack is Houston, where the number of millionaire renters increased from seven households in 2019 to 179 in 2023 — in other words, it multiplied 25 times. Close behind is the Dallas–Fort Worth metro area, with a twelvefold rise, while Miami — another spot long associated with high-end living — recorded 11 times more millionaire renters in 2023 than five years ago.

In fourth place, the Atlanta metro area is also quickly climbing the ranking, with a tenfold increase in affluent renters, followed by Virginia Beach, where the number of wealthy renter households increased six times. The appeal of these destinations could be attributed to a mix of financial incentives as well as the economic boom experienced by the Dallas-Fort Worth, Houston and Atlanta metro areas.

From zero to millionaires: Where today’s high-income households are now renting

As more high-income renters forego traditional luxury markets for new destinations, we see the emergence of entirely new millionaire renter hubs — places that had zero millionaire renter households just a few years ago and are now experiencing rapid growth. Topping the list is the Charleston metro area, which saw its millionaire renter population increase from zero to 206 households between 2019 and 2023. Named the best spot for renters for two consecutive years, Charleston’s appeal lies in its strong high-tech sector, attracting professionals seeking lucrative opportunities.

Following in Charleston’s footsteps, Oxnard, CA, and Jacksonville, FL, also added their first millionaire renters between 2019 and 2023 — 93 and 70 households, respectively. Instead of solely gravitating towards well-known metro areas for high-end living, wealthy individuals are increasingly seeking alternative destinations offering a strong mix of good quality of life, economic opportunities, and affordability. A similar case can be made for Orlando, FL, and Santa Rosa, CA, which now count 48 and 47 millionaire renter households, respectively. High-earners are attracted to their coastal lifestyle, walkable downtowns, or proximity to nature — without the sky-high costs and density of more traditional luxury renter hubs.

From East Coast to West Coast: Millionaire renters favor rental markets in New York and California

As the share of millionaire renters grows, their housing choices continue to lean significantly towards metro areas along the coasts. Even the New York City metro area — long known as the nation’s top destination for wealthy residents — saw its number of millionaire renter households rise from 2,204 in 2019 to 5,661 in 2023, marking a 157% increase over the five-year span. California is a particularly popular destination, with wealthy renters preferring metros such as San Francisco, which ranks second nationwide with 1,411 households in 2023 (compared to only 321 households in 2019).

Next are Los Angeles and San Jose, two California hubs that saw their number of millionaire renter households triple between 2019 and 2023 to reach 823 and 577 households, respectively. We can observe a similar situation in the Boston metro area where the number of renters making more than $1 million grew fivefold by 2023.

Millionaire homeowners prefer less traditional metro areas compared to renters

It’s not all glitz and glamour when it comes to where millionaires prefer to put down roots, as many favor spots outside of the traditional coastal powerhouses or the up-and-coming Southern destinations. Specifically, Salt Lake City; Pensacola, FL; San Luis Obispo, CA; and Chattanooga, TN, were among the most preferred thanks to their favorable business climates.

As a result, Salt Lake City topped the list with an astounding 1,935% increase in millionaire households — skyrocketing from just 14 in 2019 to 285 in 2023. Orlando, FL, followed closely with a nearly identical growth rate, increasing from 54 to 1,098 households. In Pensacola, FL; San Luis Obispo, CA; and Chattanooga, TN, millionaire owner households multiplied by 18, 17 and 16 times, respectively.

Another noteworthy addition is also Portland, ME, where the number of millionaire households are on the rise — 102 millionaires have decided to settle down in this metro area compared to five years ago when there were none.

Classic wealth hubs are magnets for millionaire homeowners 

While some millionaires might have become more adventurous in their choices for a new home, the classic locations still retain their appeal for many of them. For example, California remains a stronghold for the wealthy, with the Los Angeles metro area seeing the number of high-income households growing from 4,414 in 2019 to 10,694 in 2023. Meanwhile San Francisco reinforces its status as a luxury hotspot with its affluent owner population increasing by 145%.

Another noteworthy location is the Boston metro area, which is now home to more than 6,000 millionaire households — a 196% increase compared to five years ago. Next is Washington, D.C., with 5,788 households in 2023, ranking fifth nationwide. Unsurprisingly, the New York metro area remains the undisputed leader of the pack, having nearly doubled its number of millionaire households since 2019.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

We consider “millionaire renters” or “millionaire owners” individuals from households that have a total household annual income greater than $1,000,000 and who are renting or own an apartment or a house.

Generation brackets were defined as per Pew Research Center data.

IPUMS means Integrated Public Use Microdata Series and provides census and survey data from around the world integrated across time and space. IPUMS is a part of the Institute for Social Research and Data Innovation at the University of Minnesota. IPUMS USA, University of Minnesota, www.ipums.org.

Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Grace Cooper, Julia A. Rivera Drew, Stephanie Richards, Renae Rodgers, Jonathan Schroeder, and Kari C.W. Williams. IPUMS USA: Version 16.0 [dataset]. Minneapolis, MN: IPUMS, 2025. https://doi.org/10.18128/D010.V16.0

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