Zim GBC News Network
A surprising trend is emerging among America’s elite: a dramatic rise in millionaires who choose to rent their homes instead of buying them. According to a recent study by RentCafe, the number of millionaire renters in the United States more than tripled between 2019 and 2023, soaring to 13,692 last year.
This shift challenges the traditional notion that homeownership is the ultimate symbol of financial success. The data, which excluded vacation and short-term rentals, points to a strategic reevaluation of wealth management and lifestyle preferences among high-net-worth individuals.
Glen Stegemann, a broker with The Agency in Miramar Beach, Florida, attributes the trend to a desire for flexibility and liquidity.
“They’re choosing flexibility and liquidity over ownership,” Stegemann said.
“They don’t want to be bothered with the inconveniences of homeownership, which includes paying real estate taxes and insurance, especially in markets like Florida and California, where we’re seeing a lot of natural catastrophes.”
The COVID-19 pandemic appears to have been a major catalyst for this change. The study’s timeframe largely overlaps with the pandemic years, which triggered massive migrations, particularly from northern states to low-tax southern cities like Houston, Dallas, Miami, and Atlanta. These sunbelt metros saw some of the most significant upticks in wealthy renters.
Despite the surge in renting, homeownership remains the dominant choice for the affluent.
The study found there were still 143,320 millionaire homeowners in 2023—far outpacing renters. However, the growth rate of millionaire homeowners lagged significantly behind the explosive growth seen in the rental market.
The trend is most visible in large, expensive coastal cities. New York City saw its number of millionaire renters jump from 2,204 in 2019 to 5,661 in 2023. San Francisco experienced an even more dramatic rise, from 321 to 1,411 over the same period.
For these wealthy individuals, renting is not a matter of affordability but a calculated financial decision. It frees up substantial capital that would otherwise be tied up in a down payment and home equity, allowing for investments in more liquid assets like the stock market.
This strategy offers greater flexibility at a time when the housing market is less predictable, with homes taking longer to sell than in previous years.
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