The number of millionaire homeowners in the Philadelphia metro area is on the rise, with households that earn $1 million and more now being one of the fastest-growing income groups, according to a recently released study from Point2, an international real estate search website that covers industry trends and news.

Nationwide, the number of households earning a minimum of $1 million increased more than four times between 2017 and 2022.

In the past five years, more than 100,000 homeowners joined this club, putting the total number of households that earned a seven-figure salary at 136,697.

The generational makeup of the people living in these ultra-rich households has also changed, with Gen Xers taking over from Baby Boomers, who were in the lead in 2017.

Today, nearly four in ten millionaire homeowners are Gen Xers and three in ten are Baby Boomers. Millennials are in third place with two in ten millionaire homeowners.

The “average” millionaire homeowner in the Philadelphia metro area is a Gen Xer. They most likely hold a prestigious position such as a physician.

Their home costs at least $1 million, and on average has 11 rooms total, five of which are bedrooms. They also have three cars.

Read the entire study detailing why the number of millionaire homeowners in the Philadelphia area is on the rise at Point2.

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