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More millionaires are renting, despite being able to afford homeownership. This group of wealthy renters is choosing a different path on purpose.<\/p>\n
According to a recent report<\/a> from apartment search website RentCafe, millionaire renters are growing at a faster rate than millionaire homeowners.\u00a0The report qualified individuals from households that have a total annual household income of $1 million or more as millionaires.<\/p>\n From 2020 to 2024, the number of millionaire households renting their homes surged 229%, more than tripling in five years, compared with a 193% increase among homeowners in that same time period, according to RentCafe\u2019s analysis of American Community Survey estimates.<\/p>\n Choosing to rent contradicts a long tradition of treating homeownership as a defining symbol of the American Dream, especially for affluent Americans.\u00a0<\/p>\n \u201cFor a growing number of millionaires, renting is now a deliberate choice,\u201d the report said. \u201cThat\u2019s 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 multi-million-dollar house.\u201d<\/p>\n The report also pointed out that many wealthy renters would rather keep their money accessible and pursue returns in a strong stock market rather than lock their funds into a home.\u00a0<\/p>\n Most millionaires reach that status with two incomes. According to the report, couples with high earnings account for 75% of these households, while individuals make up the remaining quarter.<\/p>\n RentCafe found that millennials represent the largest share of millionaire renters at 49%. However, Gen Z is the fastest-growing group, with its count rising 46-fold from fewer than a dozen households renting in 2020 to more than 400 in 2024. The report revealed that despite that jump, Gen Z still comprises just 2% of millionaire renter households.<\/p>\n Gen Z \u201cwas barely entering the workforce in 2020,\u201d Adina Dragos, RentCafe writer and research analyst, said in an interview with USA Today<\/em><\/a>. She noted that \u201cby 2024, the oldest Gen Zers were approaching 30.\u201d<\/p>\n \u201cMany who struck it big early \u2014 through the creator economy, crypto or startup equity \u2014 were choosing to rent precisely because their wealth isn\u2019t tied to a traditional career ladder,\u201d she said. \u201cWith no employer anchoring them to one place, they have little reason to put down roots.\u201d<\/p>\n According to RentCafe, millionaire renters typically hold lucrative white-collar jobs as chief executives, technology professionals and senior financial managers. These roles offer flexibility about where they live and work.<\/p>\n The group also includes less obvious high earners, such as professors and operations managers. It\u2019s \u201ca sign that the millionaire renter isn\u2019t always who you\u2019d expect,\u201d per the report.<\/p>\n New York, San Francisco and Los Angeles remain major hubs for millionaire renters, but their numbers are climbing rapidly in Texas and Florida.<\/p>\n Houston recorded the fastest growth of any major metro, with millionaire renter households rising from 18 in 2020 to 232 in 2024, a 1,189% increase.<\/p>\n \u201cGranted, 232 households is still a tiny fraction of the Houston metro\u2019s roughly 2.7 million households, but the growth rate far outpaces any other major metro,\u201d RentCafe noted.<\/p>\n<\/p><\/div>\n More millionaires are renting, despite being able to afford homeownership. This group of wealthy renters is choosing a different path on purpose.<\/p>\nCharacteristics of millionaire renters<\/h2>\n
Millionaire renters typically work white-collar jobs and live in major cities<\/h2>\n
Key Takeaways<\/h2>\n
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