News Summary
Shreveport has emerged as a significant player in the million-dollar real estate market, now ranking 15th among U.S. cities attracting wealthy homeowners. From 2019 to 2023, the number of millionaire homeowners surged from 9 to 98, reflecting a staggering 989% increase. This trend outpaces similar developments in other cities and signals a migration of affluent buyers toward Southern states. Millennial and Generation X homeownership patterns underscore evolving wealth dynamics, reinforcing Shreveport’s potential as a lucrative market for high-income residents.
Shreveport has recently gained recognition for its remarkable growth in millionaire homeowners, now ranking 15th among U.S. cities attracting the wealthy seeking new residences, according to research from Rentcafe.com. The period from 2019 to 2023 saw the number of millionaire homeowners in the city skyrocket from just 9 to 98, resulting in a staggering 989% increase.
This impressive growth trend has surpassed similar developments in other cities such as Huntsville, Alabama; Tampa, Florida; and Memphis, Tennessee. The statistics highlight a significant shift in wealth distribution patterns, particularly within Southern cities where affluent buyers are increasingly drawn.
Rentcafe’s analysis utilized publicly available data from sources including the U.S. Census, the American Community Survey, and the Current Population Survey. This extensive research revealed that nationwide, the number of U.S. households earning $150,000 or more increased by 60% during the same timeframe. Notably, the increase in millionaire homeowners constituted a 169% rise, while millionaire renters grew by an even larger 204%.
Factors Driving Growth in Millionaire Homeowners
Wealthy buyers are particularly attracted to cities noted for their favorable business climates, leading to a unique ranking of cities compared to traditional lists of desirable locations. Houston and Dallas, for instance, hold the top two slots for millionaire homeowners, further demonstrating a migration trend towards Southern states.
Demographic Drivers of Wealth
The rising numbers of millionaire homeowners can largely be attributed to Millennials and Generation X, with each group exhibiting distinct housing preferences. Notably, while Millennials are more inclined to rent, Generation X displays a stronger preference for homeownership. Between 2019 and 2023, the number of millionaire renters within the Millennial demographic surged by 60%.
In a noteworthy shift, the share of millionaire homeowners among Generation X (43%) has now outpaced that of Baby Boomers (36%). Among those renting, Millennials represent a significant 46%, compared to 34% for Boomers, illustrating the evolving landscape of wealth accumulation and housing choices across generations.
Overall Trends in Millionaire Population
In the larger context of wealth in the United States, the total number of millionaires rose from 57,478 to 157,012 between 2019 and 2023. The criteria for defining millionaire status in this study focuses on households with annual incomes exceeding $1,000,000, while excluding assets held in retirement accounts, real estate, or other property holdings.
Conclusion
The data reveals a compelling narrative about Shreveport’s emergence as a lucrative market for high-income homeowners amidst a broader trend in the U.S. that reflects changing demographics, lifestyle choices, and economic opportunities. As southern cities continue to attract affluent individuals seeking new home bases, the residential landscape in Shreveport stands to benefit from the growing influx of millionaire homeowners.
Deeper Dive: News & Info About This Topic
HERE Resources
Shreveport Emerges as Premier Destination for Millionaire Homebuyers
Surge in Millionaire Homeowners Transforms Shreveport
Additional Resources
- Shreveport Bossier Advocate: More Millionaires in Shreveport
- Wikipedia: Shreveport
- 710 Keel: Louisiana Wealth Study Data
- Google Search: Shreveport millionaires
- BDC Network: New Luxury Resort Casino in Shreveport
- Encyclopedia Britannica: Louisiana
- K945: Shreveport Bossier’s Most Expensive Homes
- Google News: Shreveport wealth
- Shreveport Times: Business Owner Featured on TV Show
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.
