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n unexpected wealth class has joined the ranks of “forever renters,” and it’s not who you’d expect. In 2023, 13,692 millionaires in the U.S. rented, tripling the 2019 figure, while high‑net‑worth homeowners lagged behind, RentCafe reports. Renter households earning $1 million+ rose from 4,500 to 13,700, adding 9,200 new millionaire renters. Now one in eleven millionaires rents, up from one in thirteen in 2019. Both groups grew over the past four years, but renters surged 204% versus 169% for homeowners.
Where the affluent are renting today: New York and San Francisco remain hotspots, but southern metros are gaining traction. Texas and Florida are emerging retirement‑friendly locales. Houston and Dallas saw the largest increases in millionaire renters between 2019 and 2023. The trend stems from robust stock‑market gains, tech sector expansion, remote work flexibility, and a preference for turnkey living over homeownership responsibilities.
High interest rates and limited supply make buying less attractive even for the wealthy. In August, the average home stayed on the market 60 days, 7 days longer than a year earlier, realtor.com notes. Renting can also be a strategic financial move: avoiding taxes, maintenance, and slow appreciation lets millionaires invest in the market. With the S&P 500 up 26% in 2023 and another 24% in 2024, market gains can outpace real‑estate growth.
Despite the rise in millionaire renters, ownership remains dominant. Millionaire homeowners climbed from 52,966 to 142,320 households over the same period. Real‑estate expert Josh Flagg, a Million Dollar Listing Los Angeles star, reports no stronger interest in renting among the wealthy in Florida, New York, or California; ownership demand stays robust.
Generational shifts also matter. IPUMS data shows the typical millionaire renter is a millennial, and the share of wealthy millennials has jumped 60% since 2019. As they settle down, homeownership could rebound.
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