Charleston Steadily Becoming a Magnet for Millionaire Renters

(Graph Courtesy of RentCafe.com)

Millionaire renters aren’t just heading to New York or LA anymore — many are choosing smaller, up-and-coming metros with growing appeal. According to a new RentCafe.com report powered by IPUMS data, Charleston, SC, has emerged as one of the newest millionaire renter hotspots in the U.S.

Here’s what makes Charleston stand out:

• In 2019, Charleston had zero millionaire renter households. Today, there are now 206 of them — making it one of the fastest-rising millionaire rental markets in the country. For comparison, Oxnard, CA, also jumped from zero to 93 millionaire renter households.

• Charleston is gaining traction among wealthy homeowners, too. The number of millionaire homeowner households has more than doubled in just five years — from 71 in 2019 to 178 today — signaling that more affluent Americans see the metro as a desirable place to put down roots.

• This is part of a broader Southern shift. While cities like New York and San Francisco still hold plenty of millionaire households, Southern metros are heating up. Houston, Dallas, and Miami lead the way in millionaire renter growth, while Salt Lake City, Orlando, and Pensacola, FL, are seeing strong gains among millionaire homeowners.