RentCafe.com’s latest report pinpoints the spots high earners are choosing to call home, unveiling fast-growing markets, trending locations and their evolution over five years.  

• In the Atlanta metro area, 2,474 households earn seven figures annually: 221 are renters and 2,253 are homeowners. 

• Just a few years ago, only 20 high earners were renting in Atlanta. In other words, the number of millionaires that chose renting over buying in Atlanta increased by 1005% since 2019. 

• In the same timeframe, high earners that embraced the American Dream in Atlanta rose by 271%.  

• Atlanta millionaires’ lifestyle choices changed in just 5 years. Back in 2019, 1 in 31 high earners was renting. 

• Only Houston, TX; Austin, TX; and Miami saw a bigger growth factor when it comes to millionaire renters than Atlanta. In fact, the top 5 fastest growing hotspots for high earners that choose renting are in the South, with Virginia Beach in 5th place. 

In a stunning reversal of traditional wealth patterns, millionaire renters have tripled since 2019, outpacing their homeowning counterparts in one of real estate’s most unexpected trends. While New York and San Francisco remain magnets for affluent tenants, emerging hotspots in Texas and Florida reveal a shift in where America’s wealthiest households choose to live — and why many are bypassing homeownership altogether.

Our analysis of IPUMS data shows that the number of households earning $150,000 or more grew by 60% between 2019 and 2023, marking the most significant rise among the traditional income groups. Within the bracket, the number of renters and homeowners in the $1 million+ income category has surged by 204% and 169%, respectively.

Between 2019 and 2023, the number of renter households with an income of $1 million or more grew from 4,500 to 13,700 — a staggering increase as an additional 9,200 millionaire renters joined the market. During the same period, millionaire homeowners also saw a remarkable rise, climbing from 52,966 to 142,320 households.

While homeowners still account for the lion’s share of millionaires in the residential sector, the much faster growth rate among renters marks an inflection point: affluent individuals are increasingly drawn to the flexibility and amenity‑rich offerings of high‑end rental properties.

For the full report visit www.rentcafe.com