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These Millionaires Have the Cash to Buy a Home. Here’s Why They’re Renting Instead.

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These Millionaires Have the Cash to Buy a Home. Here’s Why They’re Renting Instead.

For a growing number of wealthy households, renting is a choice to seriously consider.

More millionaires are renting, despite being able to afford homeownership. This group of wealthy renters is choosing a different path on purpose.

According to a recent report from apartment search website RentCafe, millionaire renters are growing at a faster rate than millionaire homeowners. The report qualified individuals from households that have a total annual household income of $1 million or more as millionaires.

From 2020 to 2024, the number of millionaire households renting their homes surged 229%, more than tripling in five years, compared with a 193% increase among homeowners in that same time period, according to RentCafe’s analysis of American Community Survey estimates.

Choosing to rent contradicts a long tradition of treating homeownership as a defining symbol of the American Dream, especially for affluent Americans. 

“For a growing number of millionaires, renting is now a deliberate choice,” the report said. “That’s because many prioritize mobility without the commitment of owning a home, as well as the ability to relocate without going through the lengthy process of selling a multi-million-dollar house.”

The report also pointed out that many wealthy renters would rather keep their money accessible and pursue returns in a strong stock market rather than lock their funds into a home. 

Most millionaires reach that status with two incomes. According to the report, couples with high earnings account for 75% of these households, while individuals make up the remaining quarter.

RentCafe found that millennials represent the largest share of millionaire renters at 49%.


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