Why More U.S. Millionaires Are Renting Homes Instead of Buying
Millionaire renters are on the rise in the U.S. housing market, showing how even the wealthiest Americans are rethinking homeownership. A RentCafe study revealed that the number of millionaire households renting more than tripled between 2019 and 2023, rising from around 4,500 to nearly 13,700. Today, about one in 11 millionaires rent their home, up from one in 13 just a few years earlier. This shift raises a big question: why are people with the money to buy choosing to rent instead? Let’s look at the main reasons behind this growing trend. 1. Freedom to Move For many wealthy individuals, flexibility matters more than ownership. Renting allows them to change locations easily, whether for business opportunities, lifestyle shifts, or personal preference. Remote work has made this even more appealing, as fewer high-net-worth individuals feel tied to one city. Instead of being locked into a long-term property, they can explore different neighborhoods, move between coasts, or even live ...