Wealthy Millennials Rethink Housing As Renting Grows

Millionaire renters in the U.S. have more than tripled in number from 4,500 in 2019 to nearly 13,700 in 2023, reflecting a growing shift among high-net-worth individuals toward renting instead of buying homes. This trend indicates a broader change in lifestyle preferences and financial strategies among the wealthy, with an increasing number of households with a net worth of $1 million or more now choosing to rent. As of 2023, approximately 1 in 11 millionaires are renters, a rise from 1 in 13 in 2019. The growth of millionaire renters has outpaced that of millionaire homeowners, with the former growing by 204% compared to a 169% increase for the latter.

This shift is not limited to traditional urban centers. While cities like New York and San Francisco continue to attract high-income renters, southern U.S. metropolitan areas—particularly in Texas and Florida—are emerging as new destinations for affluent tenants. Houston and Dallas, in particular, have seen the most significant increases in millionaire renters between 2019 and 2023. Analysts attribute this trend to a combination of factors, including the rise of remote work, which allows for greater geographic flexibility, strong stock market performance, and a growing preference for low-maintenance living. The S&P 500's performance in 2023 and 2024 has further encouraged wealthy individuals to allocate their capital elsewhere rather than into real estate.

From a financial standpoint, renting has also become an increasingly attractive option for high-income individuals. The burden of property taxes, maintenance costs, and the relatively slower appreciation of real estate compared to the stock market have prompted some millionaires to delay or avoid homeownership. The typical home spent 60 days on the market in August 2025, an increase of seven days compared to the same period in 2024. For first-time buyers, this dynamic presents challenges, but for high-net-worth individuals, it adds complexity to the decision to purchase property.

Despite the rising number of millionaire renters, real estate experts emphasize that homeownership remains the dominant preference among the wealthy. Josh Flagg, a real estate agent and television personality, noted that in markets such as Florida, New York, and California, demand for home ownership continues to be strong. While he acknowledges the national trend toward renting among some high-net-worth individuals, particularly millennials, he has not observed a significant shift in his own markets. The demographic breakdown also reveals that the typical millionaire renter today is a millennial, and the share of wealthy millennials renting has increased by 60% since 2019.

The evolving preferences of high-income renters suggest a broader rethinking of traditional wealth management strategies, particularly as the cost and complexity of homeownership rise. For now, however, the data shows that while renting is gaining ground among a segment of the wealthy, especially among younger generations, the majority of millionaires still favor owning property. As economic and market conditions continue to evolve, it remains to be seen whether this trend will further accelerate or stabilize.