A Generation of Young Millionaires Is Choosing Rent Over Ownership
And overwhelmingly, young high-income households are choosing to rent than buy. Nearly half (49%) of millionaire renters are Millennials, whose numbers surged 392% between 2020 and 2024. While Gen Z accounts for just 2% of the market, its millionaire renter population grew 46-fold over the same period—the fastest of any generation.
Nearly 74% of millionaire renter households live in just eight metros: New York City, San Francisco, Los Angeles, San Jose, CA, Miami, Washington, DC, Boston, and Seattle.
“In those markets, renting a premium unit can cost far less than buying a comparable one, and renting allows households to hold on to liquid capital as well as flexibility" states Realtor.com® senior economist Hannah Jones.
Renting also gives these young professionals something ownership doesn't: the ability to easily move. About 21.6% of people living in renter-occupied households changed residences in 2024, compared with 6.2% of those living in owner-occupied households, according to U.S. Census Bureau data.
