The number of millionaire renters in the United States has more than doubled from 2019 to 2023.

Author: Julia Echikson (The New York Times)

Translation: Deep Tide TechFlow

According to a recent study, the number of millionaire renters in New York City is expected to increase from 2,204 in 2019 to 5,661 in 2023. Karsten Moran contributed to The New York Times.

As home buying costs soar, renting is gradually becoming a popular and economical choice—even for those who can afford to buy property.

According to a RentCafe report, the number of millionaire renters in the U.S. reached 13,692 in 2023, more than three times that of 2019, while the growth rate of millionaire homeowners has lagged behind. A representative from RentCafe stated that this data excludes vacation and short-term rentals (researchers analyzed data from the Integrated Public Use Microdata Series database operated by the University of Minnesota to draw their conclusions).

Glen Stegemann, a real estate agent at The Agency in Miramar Beach, Florida, said, “They value flexibility and mobility over ownership. They don’t want to be burdened by the inconveniences that come with homeownership, such as paying property taxes and insurance, especially in disaster-prone areas like Florida and California.”

For those with financial means, renting can free up funds for other investments, such as the stock market, which can be quickly liquidated. Meanwhile, the time it takes to sell a home is increasing: the average listing time for homes surpassed pre-pandemic levels for the first time in July of this year. source

The COVID-19 pandemic seems to have played a significant role in this trend. Much of the study period overlapped with the pandemic, and southern cities with low taxes, particularly Houston, Dallas, Miami, and Atlanta, attracted a large number of northern residents during the pandemic, leading to a significant increase in the number of millionaire renters.

Of course, most wealthy individuals still value property ownership. The number of millionaire homeowners reached 143,320 in 2023, more than ten times the number of millionaire renters.

Where Millionaire Renters Live

RentCafe's research ranks the metropolitan areas in the U.S. with the most millionaire renter households.

The chart shows the metropolitan areas in the U.S. with the highest number of millionaire renting households.

Source: RentCafe • The New York Times

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