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Miami Herald
30-06-2025
- Business
- Miami Herald
Is your city the next millionaire hotspot? Surprising new hubs for wealthy renters and buyers
Is your city the next millionaire hotspot? Surprising new hubs for wealthy renters and buyers From 2019 to 2023, the number of millionaire renters in the U.S. tripled, outpacing the growth of wealthy homeowners. While places like New York and San Francisco still draw plenty of high-earning renters, new hotspots in Texas and Florida are showing that more of the country's wealthy are choosing to rent instead of buy. analysis of IPUMS data shows that between 2019 and 2023, the number of households making $150,000 or more annually jumped by 60%. Within that group, renters earning over $1 million saw a staggering 204% increase, compared to a 169% rise among millionaire homeowners. In absolute numbers, millionaire renters grew from about 4,500 to nearly 13,700, while millionaire homeowners increased from roughly 53,000 to over 143,000. Most wealthy Americans still own their homes, but the rapid rise in millionaire renters points to a clear trend. Many are drawn to the convenience, flexibility, and luxury perks of renting, rather than dealing with the responsibilities that come with owning a home. More millionaires are choosing to rent these days, and that's largely driven by a few factors. The stock market has been doing well, the tech industry keeps growing, and remote work has made flexible living a lot more appealing. Many wealthy people prefer renting homes that are move-in ready, avoiding the hassle and long-term commitment of buying. Meanwhile, millionaire homeowners have been benefiting from rising home prices and lower mortgage rates, which help them build equity and grow their property investments. Where millionaires are renting and buying today As more millionaires enter the housing market, their preferences are starting to change. While hotspots like New York and San Francisco still top the list for wealthy renters, Southern metros are quickly catching up. For example, Texas and Florida are booming, with Houston and Dallas leading the way in new millionaire renter households. Meanwhile, destinations like Salt Lake City, and Orlando ; and Pensacola in Florida are seeing sharp increases in millionaire homeowners. Some unexpected places are also drawing in high earners. For instance, Charleston, South Carolina, and Oxnard, California, are becoming popular spots for renters, while wealthy buyers are settling down in cities like Portland, Maine. So, why do so many choose to rent in these metro areas? Well, in places like New York, San Francisco, and Los Angeles, where home prices are sky-high and rental options are abundant, even millionaires often find it makes more sense to rent rather than buy. 5 Southern metro areas where millionaire renters are moving fast Luxury renters aren't just sticking to New York City or Los Angeles anymore, as Southern metro areas are heating up fast. Here's where wealthy renters are heading in record numbers. 1. Houston Leading the pack is Houston, where the number of millionaire renters multiplied 25 times between 2019 and 2023. The city has grown from just seven to 179 households, as high-earners seek luxury rentals in this Texas gem. 2. Dallas-Fort Worth In second place, we have Dallas-Fort Worth, which saw a twelvefold increase in millionaire renters, driven by a strong job market and the appeal of no state income tax. 3. Miami Miami remains a luxury living hotspot, experiencing an elevenfold rise in wealthy renters over five years, thanks to its sunny weather, glamour, and flexible lifestyle options. 4. Atlanta Atlanta's millionaire renter population has grown tenfold, attracted by the area's thriving economy and lifestyle perks. 5. Virginia Beach, Virginia Although quieter, Virginia Beach has seen a sixfold increase in wealthy renter households since 2019, reflecting growing interest in its coastal charm. 5 metro areas emerging as millionaire renter hotspots More and more affluent renters are moving away from well-known areas for luxury living and heading to new destinations. This shift has created fresh hotspots for seven-figure earners - places that had virtually no millionaire renters just a few years ago but are now rapidly attracting wealthy apartment dwellers. Charleston, South Carolina, leads the pack, going from zero millionaire renter households in 2019 to 206 by 2023. Charleston attracts high-earning professionals thanks to its booming tech scene and strong job market. Other areas showing similar trends include Oxnard, California, and Jacksonville, Florida, which gained 93 and 70 millionaire renters during the same period. Rather than sticking to the usual big-name metro areas, affluent renters are turning to places that offer a balance between quality of life, opportunities, and convenience. Orlando, Florida, and Santa Rosa, California, also stand out, as they're now home to 48 and 47 millionaire renter households, respectively. These places attract high earners with their coastal charm, walkable neighborhoods, and easy access to nature - all without the crowds in the more traditional luxury rental markets. Millionaire renters love the coasts: 5 metro areas leading the way As more millionaire renters enter the market, many still favor coastal metro areas. The New York metro area, traditionally known as a magnet for wealthy residents, saw its number of millionaire renter households jump from 2,204 in 2019 to 5,661 in 2023 - a 157% increase. California also remains a top choice, especially San Francisco, which grew to 1,411 millionaire renter households in 2023, up from just 321 five years earlier. Los Angeles and San Jose, California, also saw strong growth, with the number of millionaire renters tripling between 2019 and 2023, reaching 823 and 577 households, respectively. Boston followed a similar pattern, where the number of renters earning over $1 million increased fivefold by 2023. 5 metro areas where millionaire homeowners are putting down roots Millionaires aren't just flocking to flashy coastal cities or trendy Southern hotspots anymore. In fact, many are choosing to settle down in unexpected, off-the-beaten-path destinations. Here are the top five metro areas where the number of wealthy homeowners is growing fast. 1. Salt Lake City Known for its business-friendly climate, Salt Lake City leads with a staggering 1,935% increase in millionaire homeowners, jumping from 14 in 2019 to 285 in 2023. 2. Orlando, Florida Taking the silver medal is Orlando, where millionaire homeowners soared from 54 to 1,098 in five years, thanks to no state income tax and a booming job market. 3. Pensacola, Florida This coastal gem saw an eighteenfold increase in millionaire homeowners, offering quiet, scenic living with plenty of potential. 4. San Luis Obispo, California Known for its wine country and laid-back vibe, San Luis Obispo's wealthy homeowner count grew 17 times since 2019. 5. Chattanooga, Tennessee Once under the radar, Chattanooga has become a millionaire magnet with sixteenfold growth, driven by low taxes and a rising startup scene. 5 classic metro areas where millionaire homeowners still reign supreme While some millionaires are exploring new places to live, classic high-end markets continue to draw strong interest. California remains a top choice, with Los Angeles seeing high-income households rise from 4,414 in 2019 to 10,694 in 2023. San Francisco also held its ground, with its wealthy homeowner households growing by 145%. Boston has seen impressive growth, too, now home to over 6,000 millionaire households - up 196% in five years. Washington, D.C., follows with 5,788 households, placing it fifth nationwide. And leading the pack is the New York metro area, which nearly doubled its millionaire household count since 2019, keeping its long-standing position at the top. Millennial or Gen X? Here's how millionaire housing habits differ by generation Millennials and Gen X are the main drivers behind the rise in millionaire households, but their housing choices differ sharply. Millennial millionaires are more likely to rent, which led to a 60% increase in high-earning renters within this generation between 2019 and 2023. Meanwhile, Gen X millionaires are leaning toward homeownership, overtaking Baby Boomers as the largest group of wealthy homeowners. Although millennials became a homeowner-majority generation in 2022, many still choose to rent - valuing the flexibility and convenience it offers. As for their careers, most millionaires work in high-paying fields like tech, law, finance, real estate, or marketing, often holding roles such as executives, software developers, or analysts. Methodology is a national apartment search platform that helps users find rental apartments and houses across the United States. For this analysis, "millionaire renters" and "millionaire owners" are defined as individuals living in households with a total annual income exceeding $1 million who either rent or own a home. Generational categories follow definitions established by the Pew Research Center. Data was sourced from IPUMS USA (Integrated Public Use Microdata Series), which provides harmonized census and survey data across time and geography. IPUMS is part of the Institute for Social Research and Data Innovation at the University of Minnesota. This story was produced by and reviewed and distributed by Stacker. © Stacker Media, LLC.
Miami Herald
06-05-2025
- Business
- Miami Herald
Where Americans can find the largest or coziest apartments
Business Where Americans can find the largest or coziest apartments Just in time for the start of the moving season, bigger apartments are making a comeback, as hybrid and remote work along with suburban living turned "more space" into a coveted amenity. annual report on apartment size found that the average size of new apartments grew in 2024, reversing a decade-long trend of more compact living space. Highlights: In 2024, the average U.S. apartment size grew to 908 square feet, with most unit types offering more living space. Studios, one-bedroom, and two-bedroom apartments have all become larger, adding 4 to 13 square feet to their floor plans. Tallahassee, Florida, and Gainesville, Florida, take the top two spots when it comes to largest apartments. Seattle remains the city with the smallest apartment size in the U.S. San Francisco saw the biggest growth in apartment size among large cities, increasing by 59 square feet over the past decade, followed by New York City's borough of Queens with a 39-square-foot gain. Renters in coastal and Sunbelt cities gained the most square footage. So, with this in mind, the research team analyzed floorplans in the 100 largest U.S. renter hubs to show renters what to expect in terms of space this rental season. Renters in some cities can expect more space This shift in size is the result of studios and one-bedroom apartments getting more spacious over the past decade-along with two-bedroom units-while accounting for more than half (52.7%) of newly built apartments. As a result, the apartment size in the U.S. averaged 908 square feet in 2024. Leading the pack in apartment size are Tallahassee, Florida, and Gainesville, Florida. Meanwhile, apartments in Seattle and Portland, Oregon, offer the most compact floor plans nationwide. Conversely, several large urban areas such as San Francisco and the New York City boroughs of Queens and Brooklyn have seen increases in apartment size over the past 10 years. San Francisco, for example, added an average of 59 square feet per unit-roughly the size of a small patio-while Queens and Brooklyn units grew by 39 and 6 square feet, respectively. That said, renters in Marietta, Georgia, saw the biggest increase in unit size. Here, the typical apartment built in the past decade is 100 square feet larger than those built before 2015. Cleveland renters are also seeing a boost in size, landing the city third among major hubs due to a notable 57-square-foot increase. Renters in Tallahassee enjoy the most spacious rentals among 100 major U.S. cities Southern destinations offer the most generous apartment sizes, giving renters additional breathing room. Among 100 cities surveyed, Tallahassee, Florida, tops the list, with new apartments built in the past decade averaging 1,130 square feet. However, that means newer apartments offer 49 fewer square feet compared to those built before 2015, due to a decline in the share of two- and three-bedroom units. Even so, renters can find plenty of room in Tallahassee, making rentals here especially attractive to students and professionals who want to be close to the city's lively academic community. Runners-up still offer plenty of space Gainesville, Florida, follows in second place, with renters here finding that apartments built in the past 10 years now average 1,122 square feet. That is an 11-square-foot increase, which is just enough to squeeze in a bit of extra storage. This bump in size makes Gainesville an attractive option for University of Florida students and budget-conscious renters seeking comfort. Renters looking for more Southern alternatives might also take into consideration Baton Rouge, Louisiana. Coming in third in ranking, apartments here gained an additional 11 square feet over the past decade, now reaching 1,055 square feet. Right behind is Knoxville, Tennessee, with apartments averaging 1,041 square feet. Rounding out the top five is Marietta, Georgia, where renters enjoy apartments that measure 1,041 square feet. That is an impressive 100 square feet larger than older rentals, making it perfect for setting up a small home office. Apartment sizes are decreasing in most large cities, but not in San Francisco or New York's boroughs While larger hubs have long been synonymous with smaller apartments, renters will find that some cities such as San Francisco, Queens, and Manhattan are beginning to buck this trend with larger new units compared to those built before 2015. However, for many renters, finding spacious apartments is still a challenge, as most U.S. cities are seeing decreases in unit sizes, with Seattle, having the smallest newly built apartments. Here, post-2015 units average 649 square feet which is 57 square feet less than before. Renters in Portland, Oregon, are facing a similar situation when it comes to shrinking apartment sizes. The average new rental in the City of Roses is now just 668 square feet (down 79 square feet from previous years) which makes it harder for those who need a bit more breathing room to go apartment hunting in this Pacific Northwest city. Modest square footage gain in the smallest apartments Comparatively, Queens and Brooklyn edged past the 700-square-foot mark, with new apartments averaging 702 and 708 square feet, respectively. These modest gains in size-39 square feet in Queens and 6 square feet in Brooklyn-reflect a shift toward adding more two- and three-bedroom options, giving renters a few extra feet to stretch their legs. San Francisco rounds out the top five. Here, new apartments have crossed the 700-square-foot mark, with the average unit now measuring 716 square feet-a 59-square-foot jump from a decade ago. That's perfect for renters needing some extra space for a cozy reading corner or a small guest area. This growth is mainly thanks to more two-bedroom apartments being built, along with roomier studios that have added about 70 square feet each. Meanwhile, Manhattan sits at #7 among cities with the smallest average new apartment size, coming in at 738 square feet. Still, these units are 4 square feet larger than those built before 2015, largely thanks to more spacious one- and two-bedroom options, which grew by 15 and 71 square feet, respectively. That is just enough room for a small pet or extra appliance. Sunbelt and coastal cities' renters gain more square footage Renters seeking roomier units might want to look at Marietta, Georgia, where new apartments are 100 square feet bigger than those from 2005–2014, representing the most significant growth nationwide. Thanks to larger one-bedroom apartments and an increase in two- and three-bedroom options, this Atlanta-area city has surpassed both Florida's Tallahassee and Gainesville in terms of unit size growth. Next is San Francisco, where renters will find that new apartments expanded by 59 square feet. Cleveland comes third with a 57-square-foot increase, while Queens follows with a 39-square-foot increase. Rounding out the top five is St. Petersburg, Florida, where apartments are now 22 square feet larger than those built a decade before. Developers in Detroit and other large hubs are opting for smaller apartments, leading to a decrease in unit size In contrast, renters in places like Arlington, Texas, may find that apartments have gotten noticeably smaller. New units here are now 215 square feet less than those built a decade ago, which is more than double the size increase seen in Marietta, Georgia. The decrease in size is largely due to a shift toward more one-bedroom units and fewer larger apartments being built. Apartment sizes are also shrinking for renters in Birmingham, Alabama, and Detroit, where living space decreased by 194 and 184 square feet, respectively. Other cities experiencing noticeable shrinking in apartment size include Memphis, Tennessee, (down 176 square feet), and Fort Myers, Florida, (down 139 square feet). Methodology This study was conducted by a nationwide rental search platform that helps users find apartments and houses across the U.S. Apartment size and pricing information was provided by Yardi Matrix as of February 2025. Yardi Matrix, a sister company of specializes in apartment market intelligence for properties with 50 or more units across 177 U.S. metros. Unit types were grouped by bedroom count (studio, one-, two-, or three-bedroom) according to Yardi Matrix definitions. All figures reflect the most current data at the time of publication. Rankings were based on the top 100 U.S. cities with the largest inventories of multifamily apartments (50+ units). Cities with fewer than 500 units completed in a given year were excluded to ensure statistical reliability. For this report, "new apartments" are defined as those built between 2015 and 2024, allowing for more consistent trend analysis and avoiding year-to-year anomalies. This story was produced by and reviewed and distributed by Stacker. © Stacker Media, LLC. This story was originally published May 6, 2025 at 6:30 AM.
