RentCafe.com<\/a>, many of the nation\u2019s wealthy are opting to rent. Their data shows that millionaire renter households have grown about three times as fast as millionaire homeowners from 2020 to 2024.<\/p>\nMiami\u2019s number of millionaire renter households grew more than 10 times in the time period, climbing from 51 in 2020 to 538 in 2024, making the Miami Metro area the #3 fastest-growing metro for millionaire renters, trailing only Houston (Txs) and Naples (FL).<\/p>\n
Miami\u2019s growth didn\u2019t stop with renters, however, as the Magic City saw a rise in their total number of millionaire homeowners as well.<\/p>\n
The total number of millionaire homeowners in Miami surged by 293% (from 1,188 to 4,667) in just four years, earning the metro an #11 spots nationwide for wealthy property owners.<\/p>\n
Miami, the study found, is not only growing fast, but maintaining its place as a large metro. The city came in at #5 nationwide for total millionaire renter households, more than double Houston\u2019s. Only sunny Los Angeles joins Miami in the top five nationwide for both growth and total count.<\/p>\n
On a state scale, wealthy renters are spreading across Florida as a whole. Naples saw growth from 7 to 76 total millionaire renters, and Tampa from 21 to 76.<\/p>\n
Jacksonville (72), Gainesville (52), and Sarasota (51) have joined the game as new millionaire renter market players, with each jumping up from zero in 2020.<\/p>\n
Millennials make up half of the millionaire renters, with wealthy Gen Z renters posting the biggest jump in property acquisition among all age groups.<\/p>\n
The growth is expected from members of the generation, as many of them were approaching age 30 at the study\u2019s last year of data collection (2024).<\/p>\n
The study found that a majority of millionaire renters work in white-collar, high-earning fields like chief executives, tech professionals, and top financial managers. Meanwhile, most millionaire homeowners are chief executives, physicians, managers, lawyers, and judges.<\/p>\n
Looking ahead, millionaire renters have their sights set on Lake Havasu City in Arizona, Charleston (South Carolina), and Oxnard (CA).<\/p>\n
To read the full study, click here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"With generous tax breaks, a growing financial technology scene, and year-round sunshine, Miami is among the metros growing…\n","protected":false},"author":2,"featured_media":442613,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[225,227,226,126,123,172578,105015,172577,172576,480],"class_list":["post-442612","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hialeah","tag-hialeah","tag-hialeah-headlines","tag-hialeah-news","tag-key-biscayne","tag-miami","tag-miami-homeowners","tag-miami-renters","tag-millionaire-homeowners","tag-millionaire-renters","tag-real-estate"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/442612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=442612"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/442612\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/442613"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=442612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=442612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=442612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}