The American Dream perhaps takes for granted that most people who can afford a house would want to buy one, but there’s a growing segment of high earners in Phoenix who prefer to rent.

A new analysis from national apartment search platform RentCafe pegged Phoenix as a trending metro for millionaire renters, ranking it No. 6 in the nation for its growth factor. Across the Valley, the percentage of millionaire households that rent has grown 519% between 2019 and 2023.

That final number made Phoenix the metro with the 16th highest number of renting millionaires, according to the study. The data shows that one in nine millionaires in the metro were renting, up from one in 11 in 2019.

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