Why More Millionaires in New York Are Choosing to Rent

It might sound surprising, but more and more millionaires are choosing to rent homes instead of buying them. And it’s not because they have to. It’s because they want to.

Big Jump in Rich Renters

A new report shows that in 2019, about 4,500 millionaire households in the U.S. were renting. Fast forward, and that number has jumped to over 13,700. That’s more than three times as many in just over five years!

Where Are These Rich Renters Living?

Most of the big increases are down South. Houston, Texa, went from just 7 millionaire renters in 2019 to 179. Charleston, North Carolina had zero millionaire renters in 2019, and now it has 206.

Why Rent When You Can Afford to Buy?

It’s not always about money. Some wealthy people move around for work or they just don’t want the stress of owning a home. Renting can be easier in some ways even for millionaires.

Younger Millionaires Are Leading the Way

Millennials (people in their late 20s to early 40s) are the millionaire group most likely to rent. Gen X (ages mid-40s to late 50s) are more likely to buy homes. So younger rich people seem to like the freedom of renting.

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What Jobs Do These Millionaires Have?

Most millionaire renters have high-powered jobs—CEOs, software developers, lawyers, investors, or PR and marketing pros. A lot of them have the money to buy, but still go with renting.

What About New York?

Here in New York State, especially in places like NYC and Westchester, renting is already common even for the rich. But it’s interesting to see that this trend is growing fast all across the country.

Want to Learn More?

You can check out the full report and see all the numbers for yourself here.