Millionaire Homeowner Households Quadrupled In US, With Gen Xers Leading Baby Boomers, Millennials, Gen Z

Editor’s note: Staten Islander News previously covered the increase in the number of millionaire renters across the nation.  When asked for data specific to Staten Island: “…the data for this study is only available at the metro level.”

In just five years, the number of U.S. millionaire owner households quadrupled, increasing a massive 446% from 2017 to 2022. And here’s the kicker: Baby Boomers aren’t dominating this ultra-exclusive club anymore. In fact, in 23 of the 30 largest metros, Gen X boasts the highest share of super-wealthy owners. 

Check out what we found out about the New York-Newark-Jersey City metro by looking at the latest IPUMS data about high-earning homeowners and analyzing the changes in income brackets over five years:  

Millionaire Household Hotspot: Of all the metros we analyzed, the New York-Newark-Jersey City area stands out as the leader in terms of the number of millionaire owner households: More than 26,500 ultra-rich families live here. 

Beyond Baby Boomers: What was once an exclusive club dominated by Baby Boomers has seen a rapid influx of younger generations. Currently, with a share of 38.6%, Gen X leads the millionaire’s club in the New York metro. Baby Boomers (24.1%) and Millennials (22.8%) come next, and even Gen Z has a notable presence at 10.5%, mostly due to young adults living with wealthy parents.  

Who Are These Millionaire Homeowners? The “average” millionaire homeowner in the New York-Newark-Jersey City metro is a Gen Xer, likely holding prestigious positions such as physician, lawyer, judge, or magistrate. They own a $2 million, 9-room, 5-bedroom home and have three cars.  

To make the numbers and data easier to explore, we’ve put together a bunch of interactive visuals. You can check them out in the study: https://www.point2homes.com/news/us-real-estate-news/millionaire-homeowners-quadruple-in-5-years.html   

Here’s a quick recap:  

• The number of U.S. millionaire-owned households quadrupled in just 5 years.  

• In the New York-Newark-Jersey City metro, Gen X is now leading the way in the ultra-exclusive club that was once dominated by Baby Boomers. 

• The “average” millionaire homeowner in the metro often holds prestigious roles such as physician, lawyer, judge, or magistrate. They own a $2 million, 9-room, 5-bedroom home and have three cars.   

This is our full report if you’d like a more in-depth look: https://www.point2homes.com/news/us-real-estate-news/millionaire-homeowners-quadruple-in-5-years.html  

Following are more highlights from the study: 

• America’s Richest Families: The number of households that earn at least $1 million more than quadrupled between 2017 and 2022. 
• After adding more than 100,000, the total number of households that earned a seven-figure salary reached 136,697.
• Generational Wealth: Of the 322,356 people living in these ultra-rich households, the majority are Gen Xers.
• Baby Boomers were in the lead in 2017, but they’re losing ground: Currently, almost four in 10 millionaire homeowners are Gen Xers, followed closely by Baby Boomers (three in 10) and Millennials (two in 10).
• The Profile of the Millionaire Owner: The “typical” millionaire homeowner is a 50-year-old chief executive or physician who lives in San Francisco or New York, owns a $1.8-million, 10-room, five-bedroom home and has three cars. 

Earning $1 million sounds like an impossible dream to many, but more and more American families are doing it. Just how many more? Well, our most recent analysis of IPUMS data showed that millionaire owner households jumped by 446%, from a rather modest 30,000 households across the U.S. in 2017 to more than 136,000 households in 2022.

This means households who report making at least $1 million from the different sources at their disposal (meaning any combination of salary, income from an estate or trust, interest, dividends, royalties, and rents received etc.), are on the rise

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With 322,356 people living in 136,697 millionaire, owner-occupied households, it appears that ultra-wealthy homeowners are one of the fastest growing income brackets in the country. And, it’s not just the number of households that quadrupled from 2017 to 2022: In that five-year period, the number of people living in these households also rose more than four times.

But, just like not all who wander are lost, not all who live in a millionaire owner-occupied household are millionaire homeowners (Gen Z young adults still living with their parents come to mind). That said, the financial and social advantages of being part of a household in the 99th percentile are undeniable.

The even better part? In analyzing the net and percentage changes in all income brackets, it seems as though it’s not just the niche group of millionaire owners that’s rising: Due to growing incomes, the number of households in other high-income brackets is also going up, while the segment of families who earn less than $75,000 is falling.

In terms of net numbers, there’s no denying that many owner households still make less than $50,000. However, looking at the trends, changes, and especially the exchanges between groups, it becomes obvious that, in the five-year period between 2017 and 2022, many households have updated their salaries and (hopefully) their quality of life.

Learn more about this topic at the original article.

 Banner Image: Millionaire home. Image Credit - Josh Moore