San Antonio Secures a Spot in Top 30 U.S. Metros with Most Millionaires
In a surprising revelation, a new population analysis shows that San Antonio-New Braunfels holds the 29th position among U.S cities with the highest concentration of millionaire households. This exclusive study, carried out by the online real estate marketplace Point2Homes, presents a unique insight into the lifestyle of the elite of America.
The innovative study scrutinized household data of millionaires in 30 key U.S metropolitan areas, encapsulating four Texas metros, over the period of 2017-2022. It detected a more than fourfold surge in U.S households earning a minimum of $1 million annually in these five years. The most densely populated area with millionaire households was observed to be the New York-Newark-Jersey City area, spanning across New York, New Jersey, and Pennsylvania.
Situated in the heart of Texas, San Antonio is home to an impressive 414 millionaire households accounting for 0.04% of its total households. Strikingly, the study findings disclose that a significant 38.4% of the millionaire population in this city belongs to Generation X, followed by 36.5% baby boomers. The youngest adult generation, Generation Z, constitutes 6.2% of all millionaire households, while millennials form 17.6%, as per the research data.
A Deep Dive into the Lives of San Antonio’s Millionaires
San Antonio millionaires appear to be living the motto “Go big or go home” to the fullest, especially when it comes to their extravagant abodes. The report reveals that an average San Antonio millionaire’s dwelling is a luxurious 5-bedroom, 10-room house with an average assessed worth of a little under $1 million. And, it’s not just about the high-end houses; these millionaires also maintain an upscale lifestyle with an average of 2.7 vehicles per household.
However, the upkeep of large, opulent homes comes with its own set of challenges, the report cautions. High income earners are often not necessarily high savers. As the income escalates, so does the magnitude of the lifestyle with bigger homes, larger mortgages, higher maintenance expenses, more automobiles, costlier education, and an overall extravagant way of life, all of which take a toll on the family’s expansive budget.
Snapshot of Texas Millionaire Lifestyle
Among the major Texan cities, Houston- The Woodlands-Sugar Land steals the show with the highest percentage of millionaire households, followed by Dallas-Fort Worth-Arlington at the second position, Austin-Round Rock-Georgetown at third, and San Antonio-New Braunfels securing the fourth place.
At the national level, Houston portrays a striking image with the ninth highest concentration of millionaire households in the U.S, adding up to a total of 2,863. The millionaire populace of Houston, mainly composed of physicians across all age groups, constitutes 0.11% of all households in the metro area. Generation X with 32.9% individuals copiously overshadows the baby boomers who consist of 28.9% of Texas’s millionaire population.
The complete report and data methodology are available for further perusal on point2homes.com.
