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April 26, 2024 at 11:33 AM
The number of American households that earn $1 million or more annually grew by 446% between 2017 and 2022 to 136,697, according to research from Point2, an online real estate marketplace.
Of the 322,356 people living in these affluent households, 37.4% are Gen Xers. Baby boomers, previously the dominant generation, comprise 28.9% of wealthy households, followed by 19.7% of millennials and 10.2% of Generation Z.
Point2 found that the “typical” millionaire homeowner is around 50 years old, and works as a judge, lawyer, CEO or physician. This person tends to reside in a bustling coastal city, and occupies a $1.8 million, five-bedroom home with three cars in the garage.
For its 2017–2022 study of millionaire owner households, Point2 used the five-year estimates from IPUMS data in the 30 most populous U.S. metropolitan areas. For context, researchers also analyzed the number of high-income owner households, those with annual income of more than $150,000 as well as all lower-income brackets from U.S. Census data.
See the accompanying gallery for the 12 metro areas with the largest number of millionaire homeowners by generation.
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