Millionaire Renter Households in U.S. Tripled Since 2020
What happened
The number of U.S. renter households with a total annual income of at least $1 million has increased by 229 percent since 2020, reaching approximately 18,400 in 2024, according to RentCafe's analysis of U.S. Census Bureau data. This growth rate surpassed the increase in millionaire homeowner households, which rose 193 percent over the same period. Millennials made up 49 percent of these millionaire renter households in 2024.
From theepochtimes.com
Why it matters
The trend indicates a significant shift in housing preferences among high-income Americans, as more individuals are choosing to rent rather than own their homes. This shift is occurring even among some of the country's highest-income earners.
From theepochtimes.com
Who's involved
- New York CityThe main subject of the report, a high-cost city in the United States.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Lower ManhattanSpeculative
Lower Manhattan might see increased demand for high-end rental properties in the district.
- ManhattanSpeculative
Manhattan could see increased demand for high-end rental properties in the borough.
- BrooklynSpeculative
Brooklyn may see increased demand for high-end rental properties in the borough.
- QueensSpeculative
Queens could see increased demand for high-end rental properties in the borough.