A new report from RentCafe says the number of millionaire renter households in the U.S. grew 229% between 2020 and 2024 – tripling in five years. They say that increase outpaced millionaire homeowners, who only grew 193% during the same period. Interestingly, they add that because affluent Americans have long favored owning, the faster climb in renting marks a shift in housing preferences.
Some key points:
- Millionaire renters more than tripled between 2020 and 2024, rising 229%.
- Nearly half of millionaire renters are Millennials.
- Gen Z has posted the fastest surge in millionaire renters – increasing 46x-since 2020.
- Houston leads in millionaire renter growth.
- New York City, San Francisco and Los Angeles remain the top hotspots for millionaire renters.
Click here to read the full report at RentCafe.
