News Summary
Shreveport has been ranked as the 15th best city in the U.S. for millionaire homebuyers, seeing a stunning 989% increase in its millionaire homeowner population from 2019 to 2023. This growth, attributed to generational shifts and real estate investments, highlights Shreveport’s rising appeal among affluent buyers. The city has surpassed other notable locations, including Tampa and Memphis. Additionally, major investments from celebrities aim to enhance local housing markets and foster community development.
Shreveport has recently been recognized as the 15th best city in the United States for millionaire homebuyers, with a remarkable growth in its population of affluent homeowners. According to a study by Rentcafe.com, the number of millionaire homeowners in Shreveport surged dramatically from just 9 individuals in 2019 to 98 in 2023, achieving a staggering 989% increase. This remarkable uptick places Shreveport ahead of cities such as Huntsville, Alabama; Tampa, Florida; and Memphis, Tennessee.
The ranking was established through comprehensive research utilizing publicly available data sources, including the U.S. Census and the American Community Survey, to analyze the increasing trend of millionaire homeowners in various regions. The report highlighted that in the same time frame, the nationwide number of households earning $150,000 or more rose by 60%. Specifically, millionaire renters saw an increase of 204%, while homeowner numbers increased by 169%.
Southern U.S. cities are generally favored by millionaires due to their warm climates, with Houston and Dallas taking the top spots. However, Shreveport’s recent emergence as a desirable location reflects a shift in interest among affluent buyers. In contrast to the preferences of millionaire renters, who often gravitate towards coastal cities like Charleston, South Carolina, and various locations in California and Florida, Shreveport’s appeal lies within its unique local offerings.
The substantial rise in Shreveport’s millionaire homeowners can be attributed to various factors, including a marked change in generational trends. Data indicates that in 2023, Gen X millionaire homeowners outnumbered Baby Boomers, accounting for 43% to 36%. Conversely, among the millionaire rental population, Millennials represented 46%, while Boomers comprised only 34%. This generational shift illustrates the changing landscape of wealth ownership and rental preferences in America.
Across the country, total millionaire households (including both renters and owners) increased dramatically, jumping from 57,478 in 2019 to 157,012 in 2023. This growth signifies a broader change in wealth distribution, as the economy continues to evolve. For the purposes of this study, individuals from households generating an annual income of over $1 million were classified as millionaires.
Shreveport’s ascent in the housing market also coincides with the major real estate investments made by musician 50 Cent, who has acquired more than 10 properties valued at approximately $2.4 million. His ventures include the establishment of G-Unit Studios in Shreveport, noted as the second-largest Black-owned studio in the region, as part of a strategy to expand his entertainment empire and stimulate local economic growth.
Additionally, 50 Cent has laid out a comprehensive three-phase plan aimed at revitalizing the local housing market, with a focus on assisting low- to moderate-income families in obtaining mortgages. The efforts of 50 Cent and other investors in the area have led Shreveport’s Downtown Development Authority to anticipate a boost in further property development, potentially transforming the local economy.
50 Cent has also actively participated in community engagement, hosting events such as the Humor & Harmony Weekend festival, reinforcing his commitment to community revitalization. This combination of real estate investment and community initiatives illustrates the multifaceted approach being taken to enhance Shreveport’s appeal for affluent buyers while fostering growth within the local populace.
As Shreveport continues to attract high-income residents, the trend is likely to yield significant impacts on both the housing market and the broader community, thereby positioning the city as a noteworthy player in the landscape of millionaire homebuying across the nation.
Deeper Dive: News & Info About This Topic
HERE Resources
Surge in Millionaire Homeowners Transforms Shreveport
Additional Resources
- Shreveport Bossier Advocate
- Wikipedia: Real Estate in the United States
- AfroTech
- Google Search: Wealth Distribution USA
- AOL Finance
- Google Scholar: Real Estate Trends Shreveport
- Candy’s Dirt
- Encyclopedia Britannica: Millionaire
- K945
- Google News: Shreveport Real Estate
Author: STAFF HERE SHREVEPORT WRITER
The SHREVEPORT STAFF WRITER represents the experienced team at HEREShreveport.com, your go-to source for actionable local news and information in Shreveport, Caddo Parish, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Mudbug Madness Festival, Red River Revel Arts Festival, and Independence Bowl. Our coverage extends to key organizations like the Shreveport-Bossier Chamber of Commerce and Shreveport Regional Arts Council, plus leading businesses in gaming, healthcare, and energy that power the local economy such as Horseshoe Casino, Ochsner LSU Health, and Atmos Energy. As part of the broader HERE network, including HEREBatonRouge.com and HERENewOrleans.com, we provide comprehensive, credible insights into Louisiana's dynamic landscape.
