Is your city the next millionaire hotspot? Surprising new hubs for wealthy renters and buyers
From 2019 to 2023, the number of millionaire renters in the U.S. tripled, outpacing the growth of wealthy homeowners. While places like New York and San Francisco still draw plenty of high-earning renters, new hotspots in Texas and Florida are showing that more of the country's wealthy are choosing to rent instead of buy.
RentCafe.com's analysis of IPUMS data shows that between 2019 and 2023, the number of households making $150,000 or more annually jumped by 60%. Within that group, renters earning over $1 million saw a staggering 204% increase, compared to a 169% rise among millionaire homeowners. In absolute numbers, millionaire renters grew from about 4,500 to nearly 13,700, while millionaire homeowners increased from roughly 53,000 to over 143,000.
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Most wealthy Americans still own their homes, but the rapid rise in millionaire renters points to a clear trend. Many are drawn to the convenience, flexibility, and luxury perks of renting, rather than dealing with the responsibilities that come with owning a home.
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More millionaires are choosing to rent these days, and that’s largely driven by a few factors. The stock market has been doing well, the tech industry keeps growing, and remote work has made flexible living a lot more appealing. Many wealthy people prefer renting homes that are move-in ready, avoiding the hassle and long-term commitment of buying.
Meanwhile, millionaire homeowners have been benefiting from rising home prices and lower mortgage rates, which help them build equity and grow their property investments.
Where millionaires are renting and buying today
As more millionaires enter the housing market, their preferences are starting to change. While hotspots like New York and San Francisco still top the list for wealthy renters, Southern metros are quickly catching up.
For example, Texas and Florida are booming, with Houston and Dallas leading the way in new millionaire renter households. Meanwhile, destinations like Salt Lake City, and Orlando ; and Pensacola in Florida are seeing sharp increases in millionaire homeowners.
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Some unexpected places are also drawing in high earners. For instance, Charleston, South Carolina, and Oxnard, California, are becoming popular spots for renters, while wealthy buyers are settling down in cities like Portland, Maine.
So, why do so many choose to rent in these metro areas? Well, in places like New York, San Francisco, and Los Angeles, where home prices are sky-high and rental options are abundant, even millionaires often find it makes more sense to rent rather than buy.
5 Southern metro areas where millionaire renters are moving fast
Luxury renters aren’t just sticking to New York City or Los Angeles anymore, as Southern metro areas are heating up fast. Here's where wealthy renters are heading in record numbers.
1. Houston
Leading the pack is Houston, where the number of millionaire renters multiplied 25 times between 2019 and 2023. The city has grown from just seven to 179 households, as high-earners seek luxury rentals in this Texas gem.
2. Dallas-Fort Worth
In second place, we have Dallas-Fort Worth, which saw a twelvefold increase in millionaire renters, driven by a strong job market and the appeal of no state income tax.
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3. Miami
Miami remains a luxury living hotspot, experiencing an elevenfold rise in wealthy renters over five years, thanks to its sunny weather, glamour, and flexible lifestyle options.
4. Atlanta
Atlanta’s millionaire renter population has grown tenfold, attracted by the area’s thriving economy and lifestyle perks.
5. Virginia Beach, Virginia
Although quieter, Virginia Beach has seen a sixfold increase in wealthy renter households since 2019, reflecting growing interest in its coastal charm.
5 metro areas emerging as millionaire renter hotspots
More and more affluent renters are moving away from well-known areas for luxury living and heading to new destinations. This shift has created fresh hotspots for seven-figure earners — places that had virtually no millionaire renters just a few years ago but are now rapidly attracting wealthy apartment dwellers.
Charleston, South Carolina, leads the pack, going from zero millionaire renter households in 2019 to 206 by 2023. Charleston attracts high-earning professionals thanks to its booming tech scene and strong job market.
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Other areas showing similar trends include Oxnard, California, and Jacksonville, Florida, which gained 93 and 70 millionaire renters during the same period. Rather than sticking to the usual big-name metro areas, affluent renters are turning to places that offer a balance between quality of life, opportunities, and convenience. Orlando, Florida, and Santa Rosa, California, also stand out, as they're now home to 48 and 47 millionaire renter households, respectively.
These places attract high earners with their coastal charm, walkable neighborhoods, and easy access to nature — all without the crowds in the more traditional luxury rental markets.
Millionaire renters love the coasts: 5 metro areas leading the way
As more millionaire renters enter the market, many still favor coastal metro areas. The New York metro area, traditionally known as a magnet for wealthy residents, saw its number of millionaire renter households jump from 2,204 in 2019 to 5,661 in 2023 — a 157% increase.
California also remains a top choice, especially San Francisco, which grew to 1,411 millionaire renter households in 2023, up from just 321 five years earlier.
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Los Angeles and San Jose, California, also saw strong growth, with the number of millionaire renters tripling between 2019 and 2023, reaching 823 and 577 households, respectively. Boston followed a similar pattern, where the number of renters earning over $1 million increased fivefold by 2023.
5 metro areas where millionaire homeowners are putting down roots
Millionaires aren’t just flocking to flashy coastal cities or trendy Southern hotspots anymore. In fact, many are choosing to settle down in unexpected, off-the-beaten-path destinations. Here are the top five metro areas where the number of wealthy homeowners is growing fast.
1. Salt Lake City
Known for its business-friendly climate, Salt Lake City leads with a staggering 1,935% increase in millionaire homeowners, jumping from 14 in 2019 to 285 in 2023.
2. Orlando, Florida
Taking the silver medal is Orlando, where millionaire homeowners soared from 54 to 1,098 in five years, thanks to no state income tax and a booming job market.
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3. Pensacola, Florida
This coastal gem saw an eighteenfold increase in millionaire homeowners, offering quiet, scenic living with plenty of potential.
4. San Luis Obispo, California
Known for its wine country and laid-back vibe, San Luis Obispo’s wealthy homeowner count grew 17 times since 2019.
5. Chattanooga, Tennessee
Once under the radar, Chattanooga has become a millionaire magnet with sixteenfold growth, driven by low taxes and a rising startup scene.
5 classic metro areas where millionaire homeowners still reign supreme
While some millionaires are exploring new places to live, classic high-end markets continue to draw strong interest. California remains a top choice, with Los Angeles seeing high-income households rise from 4,414 in 2019 to 10,694 in 2023. San Francisco also held its ground, with its wealthy homeowner households growing by 145%.
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Boston has seen impressive growth, too, now home to over 6,000 millionaire households — up 196% in five years. Washington, D.C., follows with 5,788 households, placing it fifth nationwide. And leading the pack is the New York metro area, which nearly doubled its millionaire household count since 2019, keeping its long-standing position at the top.
Millennial or Gen X? Here’s how millionaire housing habits differ by generation
Millennials and Gen X are the main drivers behind the rise in millionaire households, but their housing choices differ sharply. Millennial millionaires are more likely to rent, which led to a 60% increase in high-earning renters within this generation between 2019 and 2023. Meanwhile, Gen X millionaires are leaning toward homeownership, overtaking Baby Boomers as the largest group of wealthy homeowners.
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Although millennials became a homeowner-majority generation in 2022, many still choose to rent — valuing the flexibility and convenience it offers. As for their careers, most millionaires work in high-paying fields like tech, law, finance, real estate, or marketing, often holding roles such as executives, software developers, or analysts.
Methodology
RentCafe.com is a national apartment search platform that helps users find rental apartments and houses across the United States.
For this analysis, “millionaire renters” and “millionaire owners” are defined as individuals living in households with a total annual income exceeding $1 million who either rent or own a home.
Generational categories follow definitions established by the Pew Research Center.
Data was sourced from IPUMS USA (Integrated Public Use Microdata Series), which provides harmonized census and survey data across time and geography. IPUMS is part of the Institute for Social Research and Data Innovation at the University of Minnesota.
This story was produced by RentCafe.com and reviewed and distributed by Stacker.
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