Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Millionaires flock to renting, marking a major shift in American wealthy living preferences

Millionaires flock to renting, marking a major shift in American wealthy living preferences

深潮深潮2025/09/08 15:20
Show original
By:深潮TechFlow

From 2019 to 2023, the number of millionaire renters in the United States more than doubled.

Between 2019 and 2023, the number of millionaire renters in the United States more than doubled.

Author: Julia Echikson (The New York Times)

Translation: TechFlow

Millionaires flock to renting, marking a major shift in American wealthy living preferences image 0

According to a recent study, in New York City, the number of millionaire renters increased from 2,204 in 2019 to 5,661 in 2023. Karsten Moran contributed to The New York Times

As home buying costs soar, renting is gradually becoming a popular and economical choice—even those who can afford to buy property are choosing to rent.

According to a report by RentCafe, the number of millionaire renters in the United States reached 13,692 in 2023, more than triple that of 2019, while the growth rate of millionaire homeowners lagged behind. A representative from RentCafe stated that the data excludes vacation and short-term rentals (researchers analyzed data from the Integrated Public Use Microdata Series database operated by the University of Minnesota to reach this conclusion).

Glen Stegemann, a real estate agent at The Agency in Miramar Beach, Florida, said: "What they value more is flexibility and mobility, not ownership. They don't want to be troubled by the many inconveniences that come with buying a home, such as paying property taxes and insurance, especially in disaster-prone areas like Florida and California."

For those with financial means, renting can free up funds for other investments, such as the stock market, which can be quickly liquidated. Meanwhile, the time it takes to sell a home is increasing: the average time a home stays on the market surpassed pre-pandemic levels for the first time in July this year.

The COVID-19 pandemic appears to have played a significant role in this trend. Most of the study period overlapped with the pandemic, and low-tax southern cities—especially Houston, Dallas, Miami, and Atlanta—attracted large numbers of northern residents during the pandemic and saw a significant increase in the number of millionaire renters.

The COVID-19 pandemic appears to have played a significant role in this trend. Most of the study period overlapped with the pandemic, and low-tax southern cities—especially Houston, Dallas, Miami, and Atlanta—attracted large numbers of northern residents during the pandemic and saw a significant increase in the number of millionaire renters.

Of course, most wealthy individuals still value property ownership. The number of millionaire homeowners reached 143,320 in 2023, more than ten times the number of millionaire renters.

Where Millionaire Renters Live

RentCafe's research identified the ranking of U.S. metropolitan areas with the most millionaire renter households.

This chart shows the U.S. metropolitan areas with the most millionaire renter households.

Millionaires flock to renting, marking a major shift in American wealthy living preferences image 1

Source: RentCafe • The New York Times

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!