Millionaire Renters Flock to Florida
Areas across the state are seeing a sharp increase in high-net-worth residents, both renters and homeowners, attracted here by good weather and a low tax burden.
MIAMI — In a surprising reversal, the number of millionaires who are renting has tripled since 2019, outpacing their home-owning counterparts, with hotspots in Texas and Florida ranking high for where America's wealthiest are residing, and many are bypassing homeownership altogether.
Miami is at the center of the Florida millionaire surge, with the Magic City ranking third nationwide for millionaire renter growth in the latest U.S. Metro Areas for Millionaire Renters report.
While traditional luxury living metros like New York, San Francisco and Los Angeles, still dominate, of millionaire renters are turning their attention to Southern metro areas, which have seen the most significant growth in wealthy renters. Leading the pack is Houston, where the number of millionaire renters increased from seven households in 2019 to 179 in 2023 – in other words, it multiplied 25 times. Close behind is the Dallas–Fort Worth metro area, with a twelve-fold rise, ranking just ahead of Miami.
The number of millionaire renter households in the Miami metro has grown 11 times between 2019 and 2023, one of the fastest growth rates in the state and the country.
Overall, the Miami metro area is now home to 4,000+ millionaire households, up 325% since 2019.
According to the latest RentCafe report, powered by IPUMS data, Miami is not the only Florida city seeing sharp increases in high-net-worth residents, both renters and homeowners, with Naples, Tampa, Orlando, Pensacola, Palm Bay and Deltona also increasing their millionaire populations, as Florida is quickly becoming a new stronghold for wealthy individuals seeking flexibility, good weather, no income tax structure and a high-end lifestyle.
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