Wealthy Houstonians Increasingly Choose to Rent
The number of Houston-area renter households earning at least $1 million a year rose sharply between 2020 and 2024.
Updated on Oct. 31, 2026 in Apartments
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Millionaire renter households in the Houston area rose 1,189 percent from 2020 to 2024, compared with a 229 percent national increase over the same period. Some wealthy residents are renting for convenience rather than because they cannot afford to buy.
Why it matters
Rising homeowner insurance premiums and property taxes, alongside high home prices, are shaping housing choices for high-income households in Houston. Apartment developers have responded with luxury amenities aimed at these renters.
Houston's median list price was $356,173 through September, while the top 5 percent of listings started at about $1.19 million. Average Houston lease price fell 1.5 percent year over year to $1,898, and 55.5 percent of renters are considered cost-burdened.
The players
RentCafe
RentCafe is a rental listing and market analysis platform that publishes apartment and renter data across U.S. cities.
Realtor.com
Realtor.com is a major online real estate listing marketplace that republishes housing market analysis and data.
The details
Houston apartment developers have added high-end amenities including rooftop pools, golf simulators, private massage rooms, and pet spas. The Langley, a luxury property, starts at about $10,000 a month.
Timeline
Between 2020 and 2024, millionaire renter households in Houston grew 1,189 percent.
In March, Houston-area rental leases hit a record 4,718 listings.
In September, reporting showed 55.5 percent of Houston renters were cost-burdened.
Housing Landscape
The growth in high-income renters in Houston reflects a documented 2020-2024 national trend of millionaire households renting rather than buying, as tracked by RentCafe. Houston's increase of 1,189 percent far outpaces the 229 percent national rise over the same period.
Houston renters face high cost burdens, with 55.5 percent spending more than 30 percent of income on housing. Homeowners in Texas have also seen insurance premiums rise about 66 percent since 2020, shaping costs for buyers and renters alike.
The takeaway
Renters weighing a move should compare total monthly costs, including rent and rising insurance and tax burdens tied to ownership, before deciding whether to buy.
Further reading
Explore more on Apartments in the Houston market.
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