Which US cities are seeing the biggest surge in millionaire renters?

According to the report, the Southern metropolitan areas of Houston and Dallas have seen the most significant increase in the number of millionaire renters between 2019 and 2023.

How does the growth in millionaire renters compare to millionaire homeowners?

The number of millionaire renters surged by 204% over the last four years, outpacing the 169% growth in millionaire homeowners.

Home / Business and Economy / Millionaire Renters Surge 204% as Luxury Living Shifts

Millionaire Renters Surge 204% as Luxury Living Shifts

Q: Why are more millionaires in the US choosing to rent?

Millionaires are choosing to rent due to factors like robust stock market gains, the expansion of the tech sector, the rise of remote work, and a growing preference for the convenience of turnkey living solutions over the responsibilities of homeownership.

9 Sep

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Summary

Millionaire renters in the US tripled from 2019 to 2023
Millionaire homeowners grew at a slower pace of 169%
Southern metro areas like Houston and Dallas see biggest surge

Millionaire Renters Surge 204% as Luxury Living Shifts

As of September 2025, a surprising trend has emerged in the US housing market: the number of millionaire renters has skyrocketed. According to a recent report, the number of renter households with an income of $1 million or more grew from 4,500 in 2019 to 13,700 in 2023, a staggering 204% increase.

This surge in millionaire renters has outpaced the growth in millionaire homeowners, which saw a 169% increase over the same period. While traditional luxury hubs like New York and San Francisco remain popular among the ultra-wealthy, Southern metropolitan areas like Houston and Dallas have also seen a significant influx of millionaire tenants.

Experts attribute this shift to several factors, including robust stock market gains, the expansion of the tech sector, the rise of remote work, and a growing preference for the convenience of turnkey living solutions over the responsibilities of homeownership. Additionally, with soaring housing costs and limited supply, even the wealthy are finding it less appealing to buy a home.

Despite this trend, the majority of millionaires still choose to own their homes. During the same four-year period, the number of millionaire homeowners climbed from 52,966 to 142,320 households. However, the surge in millionaire renters signals a new and unexpected shift in luxury living preferences.

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