There are 2.6 million high-earning renters across the U.S.
The number of millionaire renters is on the rise. A new report from RentCafe focuses on the growth of high-income renters, specifically between 2015 and 2020.
Millionaire renter households in New York City jumped 171% from 908 in 2015 to more than 2,400 in 2020—the most total millionaire renter households in 2020. San Francisco increased from 17 to nearly 300, while Los Angeles (31 vs. 143), Washington, D.C., (41 vs. 121) and Jersey City, N.J., (0 vs. 104) also cracked the top five. There were just over 1,000 millionaire households in 2015, which increased to nearly 3,400 in 2020.
Generationally, Millennials at 28.4% consist of the majority of millionaire renters. Generation X is not far off at 22.6%. Baby Boomers are at 13.5%. Generation Z is at 8.2%; the Silent Generation is at 5.9%.
Renters earning an income of at least $150,000 grew by 82%, but the total number of renters increased 3.2% between 2015 and 2020.
One reason behind the increase is related to home prices. According to the Rentcafe release: “Part of the answer may be found in high home prices, which made homeownership less attractive, especially for those well-heeled residents in pricey locations…. In nine of the 10 cities where the number of top-earning renters leapfrogged considerably, growth in home prices was higher than the national average (29%).”