the benefits of renting
Houston rockets to America's top spot in millionaire renter growth

You might find millionaires renting units at luxury high-rises like La Colombe d'Or.
Sure, plenty of Houston millionaires own swanky homes in neighborhoods like River Oaks and Tanglewood. But in recent years, Houston has seen a huge spike in the number of millionaires opting to rent rather than own a place to live.
A new report from apartment search website RentCafe ranks the Houston metro area as the fastest-growing U.S. market for millionaire renters. The number of local millionaire renters soared from just seven in 2019 to 179 in 2023, according to the report. Houston’s growth rate for that time period — nearly 2,500 percent — put it at No. 1 in the report’s ranking of millionaire-renter hotspots.
“Many of today’s high-income renters live in metro areas … where the abundance of apartments as well as sky-high costs of homeownership make renting the more practical and cost-effective option,” RentCafe explains.
The report largely attributes the nationwide 203 percent bump in millionaire-renter households to a 60 percent spike from 2019 to 2023 in the number of millionaire renters among millennials.
RentCafe based its report on data from the Integrated Public Use Microdata Series (IPUMS) website.
Looking at Houston’s millionaire-renter data another way, the region ranked 15th for the sheer number of households (179) occupied by millionaire renters in 2023, the report says.
Still, the number of millionaire homeowners in Houston far outweighs the number of millionaire renters. The report tallied 3,050 local millionaire-owner households in 2023, earning it 12th place on the list of hotspots for millionaire owners.
To the north, the Dallas-Fort Worth metro area appeared at No. 2 in the ranking of places seeing the biggest growth rate in millionaire renters from 2019 to 2023. The number of millionaire households in DFW soared more than 1,200 percent — from 14 in 2019 to 185 in 2023, according to the report. DFW ranked 14th for the number of millionaire-renter households in 2023.
DFW earned 11th place in the ranking of the number of hotspots for millionaire owners (3,133).
To the west, the Austin metro area landed at No. 19 for growth in the number of millionaire renters. That figure climbed from 90 in 2019 to 207 in 2023, or 130 percent, the report shows. Austin ranked 12th for the number of millionaire-renter households in 2023.