If you were a millionaire, would you buy or rent in NYC?
If you earned a million dollars a year, would you buy in New York City or would you rent? Surprisingly, for a growing number of affluent New Yorkers, the answer is to rent. In fact, the number of wealthy NYC households that rent tripled in 2024 from 2020. A new report from RentCafe, the national rental listings site, found that New York is the U.S.’s largest millionaire market, with 40,430 households earning $1 million or more annually. Among those millionaire households, 7,296 were renters in 2024, up from 2,730 households in 2020, according to RentCafe’s analysis of Integrated Public Use Microdata Series data.
