BAM Key Details: 

  • According to a new report by Point2, the number of millionaire U.S. homeowners—as well as the number of millionaire homeowner households—have more than quadrupled from 2017 to 2022. 
  • As Gen X takes the lead, Baby Boomers no longer represent the largest share of millionaire homeowners. 

A new report by Point2 shows the number of millionaire homeowners in the U.S. more than quadrupled in five years. 

And for once, Gen X is at the top of the generational totem pole (long may we reign).

According to IPUMS data, households earning $1 million or more are one of the fastest-growing income groups among homeowners. From 2017 to 2022, the number of those households more than quadrupled, adding more than 100,000 during that five-year span to reach 136,697. 

Also, of the 322,356 people living in those millionaire households, the majority are Gen X, overtaking Baby Boomers (who had the lead in 2017) by a slim margin. 

Here’s how those millionaire homeowners break down by generation: 

  • 37.4% (nearly 4 in 10) are Gen X 
  • 28.9% (nearly 3 in 10) are Baby Boomers
  • 19.7% (nearly 2 in 10) are Millennials
  • 10.2% are Gen Z*
  • 3.7% are Silent Generation

*Note: The data suggests Gen Z millionaire owners account for 10.2% of all high-earning homeowners in the country. But that share is more likely made up of Gen Zers aged 15 to 24 who are currently living with their millionaire homeowner parents. 

Today’s “typical” millionaire homeowner is 50 years old with a prestigious career (think CEO, judge, lawyer, physician, etc.), lives in an expensive metro like San Francisco, New York, or L.A., and owns a $1.8 million five-bedroom home with a three-car garage.

Millionaire homeowner households are on the rise

Based on their recent analysis of IPUMS data, millionaire homeowner households across the U.S. increased by 446% from a modest 30,000 in 2017 to more than 136,000 in 2022.

This means homeowners pulling in a total annual income of at least $1 million are on the rise. 

Also, it’s not just the number of millionaire households that has quadrupled from 2017 to 2022; during that same period, the number of people living in millionaire households also grew more than four times the number in 2017 (to 322,356). 

Granted, not all who live in millionaire homeowner households are themselves millionaires. Many Gen Z young adults still live with their parents, primarily due to the high cost of housing. 

But we can draw some encouragement from data that indicates the number of households in other high-income brackets is also increasing. Meanwhile, the segment of homeowners with household incomes less than $75,000 is shrinking. 

Given how much homebuyers need to earn today to afford a home, that’s hardly surprising. 

Many homeowner households still bring in less than $50,000 a year. But, for the most part, salaries have increased since 2017, though not at the same pace as home prices. 

Profile of the millionaire homeowner

Households earning $150,000 or more increased by 72% (9 million) from 2017 to 2022—a more modest pace compared to the growth in millionaire households during the same five-year span. 

Point2_72-pct-growth-in-high-income-homeonwers-outpcaces-other-income-groups-chart

Source: Point2 (Interactive on site)

The average U.S. millionaire today is a Gen Xer. At 50 years of age, they own a 10-room, five-bedroom home with an estimated value of around $1.8 million. Their garage fits three cars, and there’s an excellent chance they’re a chief executive officer or a physician. 

Baby Boomers used to represent the largest share of millionaire homeowners, but younger generations are catching up, and Gen X has taken the lead, accounting for 37.4%. 

Boomer millionaire homeowners grew to about 93,000, accounting for 28.9% of all millionaire homeowners in the U.S. Millennials are in third place, growing in number to 63,000 (up from 9,000 in 2017) and accounting for 19.7% of these ultra-high-earning homeowners. 

So, where does the average millionaire homeowner live? 

The data shows large, expensive metros like New York, San Francisco, Los Angeles, Boston, and Washington, D.C. have the highest concentrations of millionaire homeowner households. 

The New York metro alone has no fewer than 26,561 households with incomes of $1 million or more. 

As for the source of their income, the Gen Xers, Baby Boomers and Millennials living in these millionaire households typically earn the lion’s share with a high-income career, such as— 

  • CEO
  • Judge or lawyer
  • Physician
  • Engineer or software developer
  • Athlete (professional)
  • Data scientist or statistician 
  • Insurance sales agent
  • Inspector
Point2_Millionaire-Homeowners-main-occupations-table

Source: Point2 (Interactive on site)

Today’s typical millionaire homeowner wants the biggest home they can afford. And homes in their price range run large—with an average of 10 rooms, including more bedrooms and bathrooms than the average homeowner, not to mention thoughtful extras like meditation rooms, golf simulator dens, and home theaters. 

The average millionaire would value their home at around $1.8 million, though this varies depending on where they live. Millionaires in San Francisco, San Diego, and Los Angeles are more likely to estimate their home’s value at over $2.5 million. The ultra-rich in more affordable metros like San Antonio-New Braunfels, TX; Pittsburgh, PA; and Cincinnati, OH offer estimates of under $1 million. 

Millionaire homeowners are represented nearly equally by high-earning men (53.8%) and women (46.2%). The majority are also married (75.0%), but nearly two in 10 (17.6%) are single. 

Read the full report for more, including charts and methodology.