A crazy number of millionaires are renting in Jersey City

When you think of what kind of residence a millionaire would live in, you might think of them as owning a palatial estate; it turns out that a lot of them are renters and there are more millionaire renters in Jersey City than all but a couple of areas nationwide.

According to a study by Rent Café, the number of millionaire renters tripled between 2015-19. Back in 2015, there were no millionaires living in rentals in Jersey City. Over the course of five years, this number grew to an impressive 104. That’s roughly 3% of the total number of millionaire renters in the country.

Also, Jersey City is the latest newcomer among long-standing wealth havens like New York, San Francisco or Washington, D.C. that had a significant number of millionaire apartment dwellers even a few years ago.

Looking at the broader bracket of high-income households, Jersey City is a trending place for renters earning more than $150,000 per year, with almost 14,000 such households in 2020. This category grew like no other as well, by a staggering 74% over the course of five years. Within the same timeframe, home prices increased by more than 50%.

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Who is the millionaire renter? The largest group of millionaire renters are Millennials — making up 28% of the total — with an average age of 41. Gen X is the second largest group, accounting for 23% of the total. Most millionaire renters work in management positions but financial services, legislation, software development, and sales are also common industries. The average home of a millionaire renter has three bedrooms.

Nationwide, there are now 2.6 million Americans making more than $150,000 who choose to live in rentals. This affluent segment grew by a whopping 75% between 2015 and 2020, with renters overall inching up by 3.2% during the same time frame.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.

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