DC’s Millionaire Renter Households Have More Than Tripled Since 2020

• 11:13 AM EST

by UrbanTurf Staff

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The number of DC-area renter households earning $1 million or more tripled between 2020 and 2024, according to a new RentCafe analysis. 

The report found that the DC area saw millionaire renter households increase 219% between 2020 and 2024; in contrast, millionaire homeowner households grew at a slower pace, from 4,193 to 8,328, or 99%. The report used U.S. Census data on homeowners and renters.  

To be clear, owning is still the norm among the region’s wealthiest households, but renting is gaining ground. In 2020, about 1 in 27 millionaire households in the metro rented. Today the ratio is about 1 in 17, though that is still below the national figure of roughly 1 in 11. The report ranks the DC area sixth in the country for millionaire renter households and fifth for millionaire homeowners, making it a major market for high earners of every kind. RentCafe credits the homeowner side to a rising number of million-dollar homes and a strong job base that mixes federal, tech and professional services employment.

Nationally, the report ties the shift toward renting to affluent households that value mobility, want to keep their capital liquid, or have recently come into money, including from AI-sector wealth. Nearly half (49%) of millionaire renters are Millennials. New York (7,296 millionaire renter households), San Francisco (1,863) and Los Angeles (1,532) remain the largest markets, while Houston, Naples, Fla., and Miami posted the fastest growth rates. 

A caveat on the data from the report: It covers 2020 to 2024 and isn’t adjusted for inflation, so some households crossed the $1 million line partly through nominal income growth. Most millionaire renter households also reach that mark through combined income, typically two high earners, rather than a single seven-figure salary.

Photo by Ted Eytan.

This article originally published at https://dc.urbanturf.com/articles/blog/dcs_millionaire_renter_households_have_more_than_tripled_since_2020/25154.