Austin is Among the Top 30 Metros with the Most Millionaires
Recently, an elite view into the live of the U.S.’s super affluent was uncovered via a new population analysis, making a striking discovery that placing Austin-Round Rock-Georgetown in the number 24 spot for the highest concentration of millionaire households in the country. This study, orchestrated by online real estate marketplace Point2Homes, utilized data comparison of millionaire households across 30 of the most significant U.S. metropolitan in 4 different Texas metros from 2017 to 2022.
Interestingly, the five-year period saw the number of U.S households earning at least $1 million per year grow more than four times over. The New York-Newark-Jersey City area, encompassing New York, New Jersey, and Pennsylvania, boasts the highest concentration of millionaire households.
Millionaires in Austin Metro
Living in the Austin metro are nearly 750 households with millionaires, accounting for 0.08 percent of the area’s entire households. The distribution of these millionaires across generations offers some fascinating insights. Gen Xers lead at 34.9 percent, followed closely by millennials at 30.8 percent. By contrast, the youngest generation, Gen Z, makes up 6.1 percent of Austin’s millionaire households, while baby boomers account for 26.4 percent.
However, the Gen Z percentage is clarified in the report as not being completely indicative of the number of Gen Z millionaires in Austin. This high proportion is mostly due to the 15 to 24 age demographic still living with their millionaire parents. The report notes, “living in a millionaire household does not make one a millionaire owner — but it certainly comes with some serious perks.”
In terms of profession, chief executives and legislators dominate among Austin’s millennial and Gen X millionaires. For the millionaire baby boomers in the metro area, “other managers” is noted as the main occupation.
The Lifestyle of Austin’s Millionaires
Clad by the adage “go big or go home”, Austin’s millionaire homeowners are not sparing expenses when it comes to their homes. The report identified the typical Austin-Round Rock-Georgetown resident millionaire as owner to a five-bedroom, ten-room house, whose average value is approximately $1.573 million. If you’re looking at the number of cars in their driveway, you’re likely to count less than three.
The report also sends out a general financial reality check – earning more money they won’t necessarily equate to saving more money. “Making more money just means bigger homes with bigger mortgages and maintenance expenses; more cars, much costlier schools; and over-the-top lifestyles, which simply bite bigger chunks out of the family’s big budget,” it bluntly states.
Comparing Millionaire Lifestyles Across Texas
Texas is home to multiple areas rich with millionaire homeowners. Leading the pack is Houston-The Woodlands-Sugar Land, with Austin-Round Rock-Georgetown at number three and Dallas-Fort Worth-Arlington at a close second. San Antonio-New Braunfels rounds off the top four in statewide analysis.
In the comparison of millionaire households in the U.S., Houston metro area surpasses Austin, earning the No. 9 spot, with over 2,863 households. These wealthy homeowners compose 0.11 percent of all Houston metro area’s households. Physicians make up the majority of these millionaires, with Gen Xers (32.9 percent) overtaking baby boomers (28.9 percent) for the biggest population share of millionaires in Houston.
Just behind Houston is Dallas-Fort Worth-Arlington, placed at No. 10 on the national level. The Metroplex is home to almost 2,650 millionaire households. Leading occupations amongst DFW’s millionaires are chief executives, legislators, and physicians. Gen Xers still constitute the highest share of millionaires (44.1 percent), followed by baby boomers (24.7 percent).
On the other end of the spectrum, San Antonio-New Braunfels finds itself at the bottom, ranking 29, just above Pittsburgh, Pennsylvania. The San Antonio metro area has a mere 414 millionaire households from 2017-2022. Most of these (38.4 percent) are Gen X physicians.
The full report and its methodology are available on the Point2Homes website.