You could be living next to a millionaire and not even know it: 1 in 11 households with a seven-figure income in Atlanta are renting. Far from a fleeting trend, the number of millionaire renters in Atlanta has grown at the 4th 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 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.
Check out all the locations where millionaires are putting down roots after the pandemic in our full report:
Feature Image Courtesy of: RentCafe
