You could be living next to millionaires and not even know it: 1 in 9 households with a seven-figure income in Phoenix are renting. Far from a fleeting trend, the number of millionaire renters in Phoenix has grown at the 6th fastest rate in the nation since the pandemic, outpacing the growth of millionaire homeowners in the metro area.

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 Phoenix metro area, 1,113 households earn seven figures annually: 130 millionaires are renting and 983 are homeowners.

• Just a few years ago, only 21 high earners were renting in Phoenix. In other words, the number of millionaires that chose renting over buying in Phoenix increased by 519% since 2019.

• In the same timeframe, high earners that embraced the American Dream in The Valley rose by 347%. 

• Phoenix millionaires’ lifestyle choices changed in just 5 years. Back in 2019, 1 in 11 high earners was renting.

In the West’s biggest hubs, a continuous rise in high-earning renters has become the new normal. 

• Seattle, San Francisco, Los Angeles and San Jose, CA, saw spikes of up to 350% in this demographic. Also, the share of millionaire renters grew faster than that of homeowners in all these major metro areas except L.A.

The biggest spikes in millionaire renters are happening where you’d least expect it.

• In Houston, the number of millionaire renter households jumped from just 7 in 2019 to 179 in 2023.
• Dallas also saw a sharp surge in millionaire renter households, from 14 to 185 within the same timeframe.
• Miami’s wealthy renter households grew more than 11 times, while the count of high-income renters in Atlanta became 10 times higher.

Brand-new millionaire hubs are popping up fast, especially in the South. Places that once had zero millionaire renters are now buzzing with wealthy renters.

• Charleston, SC saw its millionaire renter households increase from zero to 206 households between 2019 and 2023.

• Oxnard, CA, and Florida’s Jacksonville and Orlando have all seen their first waves of rich renters, each now counting 50 to 90 millionaire households.

Check out all the locations where millionaires are putting down roots after the pandemic in our full report here.