According to a recent Point2Homes study, there was a significant surge in millionaire homeowner households between 2017 and 2022. In Dallas-Fort Worth-Arlington alone, the number of households earning at least $1 million annually soared to 2,648, representing 0.09% of all households. The area is on the top ten list of U.S. homeowners.
The demographic breakdown of these affluent households paints a clear picture of shifting trends in wealth distribution. While baby boomers once held sway, generation X has surged ahead, representing 44.1% of millionaire homeowners in the area, followed closely by baby boomers at 24.7% and millennials at 19.3%. generation Z also claims a stake, with 9.7% of millionaire homeowners. Point2Homes points out, “This high share is most likely almost entirely due to the people aged 15 to 24 who are still living with their (millionaire) owner parents.”
The professional profiles of these millionaire homeowners paint a picture of success and prestige. Chief executives and legislators dominate the landscape, particularly among millennials and gen Xers, while physicians claim a significant presence among baby boomers.
In terms of sheer numbers, the rise of millionaire homeowners underscores a broader trend of increasing affluence across various income brackets. While disparities persist, the data suggests a notable shift towards higher incomes, with a corresponding decline in households earning less than $75,000 annually.
Beyond statistics, according to the study, millionaire homeowners typically fit a familiar profile: gen Xers in their 50s, residing in homes valued around $1.8 million and owning three cars. However, behind this image of affluence lie complex financial considerations, with escalating expenses and societal pressures necessitating financial diligence.
Top 10 Metros Millionaire Homeowners in the U.S.
- New York-Newark-New Jersey City, New York-New Jersey-Pennsylvania with 26,561 households
- Los Angeles-Long Beach-Anaheim, California with 10,762 households
- San Francisco-Oakland-Berkeley, California with 8,852 households
- Boston-Cambridge-Newton, Massachusetts-New Hampshire, with 5,933 households
- Washington-Arlington-Alexandria, D.C.-Virginia-Marland-West Virginia with 5,741 households
- Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin with 4,750 households
- Miami-Fort Lauderdale-Pompano Beach, Florida, with 3,548 households
- Seattle-Tacoma-Bellevue, Washington with 3,015 households
- Houston-The Woodlands-Sugar Land, Texas with 2,863 households
- Dallas-Fort Worth-Arlington, Texas with 2,648 households
The full report and its methodology can be found on point2homes.com.
Don't miss anything Local. Sign up for our free newsletter.
