Author: Julia Echikson (The New York Times)
Translation: TechFlow
According to a recent study, in New York City, the number of millionaire renters increased 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 those who can afford to buy property are choosing to rent.
According to a report by RentCafe, the number of millionaire renters in the United States reached 13,692 in 2023, more than triple that of 2019, while the growth rate of millionaire homeowners lagged behind. A representative from RentCafe stated that the 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 reach this conclusion).
Glen Stegemann, a real estate agent at The Agency in Miramar Beach, Florida, said: "What they value more is flexibility and mobility, not ownership. They don't want to be troubled by the many inconveniences that come with buying a home, 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 time a home stays on the market surpassed pre-pandemic levels for the first time in July this year.
The COVID-19 pandemic appears to have played a significant role in this trend. Most of the study period overlapped with the pandemic, and low-tax southern cities—especially Houston, Dallas, Miami, and Atlanta—attracted large numbers of northern residents during the pandemic and saw a significant increase in the number of millionaire renters.
The COVID-19 pandemic appears to have played a significant role in this trend. Most of the study period overlapped with the pandemic, and low-tax southern cities—especially Houston, Dallas, Miami, and Atlanta—attracted large numbers of northern residents during the pandemic and saw 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 identified the ranking of U.S. metropolitan areas with the most millionaire renter households.
This chart shows the U.S. metropolitan areas with the most millionaire renter households.
Source: RentCafe • The New York Times