News Summary
Shreveport, Louisiana, has gained attention for its impressive growth in millionaire homeownership, ranking 15th in the nation with a 989% increase over four years. The city has expanded its millionaire households from 9 to 98, surpassing cities like Huntsville and Tampa. This trend reflects the broader national surge in millionaire households and highlights Shreveport’s appeal to affluent buyers, contributing to potential economic growth within the region.
Shreveport Ranks 15th in Millionaire Homebuyers with 989% Growth Over Four Years
Shreveport, Louisiana is making headlines for its remarkable rise as a hotspot for millionaire homebuyers, securing 15th place nationally, according to a recent analysis by Rentcafe.com. From 2019 to 2023, the city has experienced a staggering tenfold growth in millionaire homeowners, increasing from just 9 to 98 households. This translates to a 989% increase in millionaire ownership within the city, showcasing Shreveport’s emerging appeal to affluent buyers.
The analysis revealed that Shreveport surpassed other notable cities such as Huntsville, Alabama; Tampa, Florida; and Memphis, Tennessee in attracting high-net-worth individuals seeking to purchase homes. Rentcafe based its findings on publicly available data, utilizing resources from the U.S. Census and the American Community Survey through the Integrated Public Use Microdata Series (IPUMS).
Growing Trend in Millionaire Households
The increasing number of millionaire homeowners in Shreveport is reflective of broader trends observed across the United States. Between 2019 and 2023, households earning $150,000 or more saw an overall increase of 60%. Within that demographic, the growth of millionaire renters soared to 204%, while millionaire homeowners experienced a 169% increase. This trend signals that southern cities are becoming increasingly popular among millionaires looking to establish homes, with Houston and Dallas leading the rankings as the top two cities.
Interestingly, while millionaire homeowners are gravitating toward Shreveport and similar cities, millionaire renters are more commonly choosing to reside in Charleston, South Carolina. Other states that attract these affluent renters include California and Florida, highlighting a notable preference for high-end rental properties that offer premium amenities and flexibility.
Generational Trends in Homeownership
The demographic shifts among millionaires also reveal interesting generational preferences. Millennials are trending towards renting, while Generation X shows a stronger inclination toward homeownership. Currently, 43% of Generation X millionaires own homes, surpassing the 36% ownership rate among baby boomers. Meanwhile, millionaire Millennials make up 46% of millionaire renters, demonstrating a growing divergence in housing preferences across generations.
Overall Increase in Millionaire Households
The spike in millionaire households across the country is significant, with the tally rising sharply from 57,478 in 2019 to 157,012 in 2023. In Louisiana specifically, there are an estimated 87,565 millionaire households, placing the state 27th in the nation regarding millionaire household rankings. This marks an ongoing trend where affluent buyers are increasingly investing in southern locales, often attributed to favorable economic conditions.
Wealth in Louisiana and Noteworthy Billionaires
Much of Louisiana’s wealth stems from its oil and gas industry, which plays a crucial role in supporting the state’s economy. However, when it comes to the wealthiest individuals, Louisiana is home to only three billionaires, according to Forbes. These individuals include Gayle Benson ($6.6 billion), William Goldring ($7 billion), and Todd Graves ($9.5 billion).
The rise of millionaires choosing to settle in Shreveport not only reflects shifting housing trends but also emphasizes the city’s growing attractiveness as a prime residential location. The increased interest from wealthy homebuyers could have further economic implications for the region, potentially spurring development and investments that enrich the local community.
Deeper Dive: News & Info About This Topic
HERE Resources
Shreveport Rises as a Millionaire Homeowner Hub
Shreveport Emerges as Premier Destination for Millionaire Homebuyers
Surge in Millionaire Homeowners Transforms Shreveport
Additional Resources
- Shreveport Bossier Advocate
- Shreveport Times
- KSLA News
- 710 KEEL
- KTAL News
- Wikipedia: Millionaire
- Google Search: Millionaires in the United States
- Google Scholar: Wealth Distribution in Louisiana
- Encyclopedia Britannica: Wealth
- Google News: Louisiana Billionaires
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.
