From 2019 to 2023, the New York metro area experienced a 157% rise in millionaire renting households, increasing from 2,204 to 5,661. This trend is unmatched in other U.S. cities, with San Francisco at the closest count of 1,411. Factors driving this shift include flexible leases, luxury amenities, and the rise in remote work. The growing stock market and expanding tech sector have also contributed. In the U.S., millionaire renters rose by 204%, with millennials making up 46% of this demographic.
The New York metro area saw a significant increase in millionaire renting, more than doubling from 2,204 households in 2019 to 5,661 in 2023, a rise of 157%.
The trend is driven by flexible leases and luxury amenities, location flexibility due to remote work, and fewer responsibilities compared to home ownership.
Across the United States, millionaire renter households surged 204%, increasing from 4,512 in 2019 to 13,692 in 2023, surpassing ownership growth.
Millennials represent the largest group of millionaire renters in the United States, making up 46% of the demographic, followed by Gen X at 34%.
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