The typical millionaire homeowner in the Philly area is a Gen X physician

Homes have gotten less affordable because of low supply, rising prices, elevated mortgage rates, and household incomes that haven’t kept up.

But some home buyers have more options than most.

The number of home-owning households nationwide making at least $1 million per year more than quadrupled between 2017 and 2022, according to an analysis by the real estate search website Point2. This segment of the population — roughly 136,700 households and more than 322,000 people in 2022 — is one of the country’s fastest-growing income groups.

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Point2′s analysis, released last month, found that the typical millionaire homeowner in the United States is 50 years old, works as a chief executive or physician, and lives in New York or San Francisco. The owner’s home has an estimated value of $1.8 million and has 10 rooms, five of which are bedrooms. The household has three cars.

Point2 also analyzed the country’s most populous metropolitan areas and found that the Philadelphia region had 2,128 millionaire homeowner households in 2022 — 0.08% of the metro’s households.

Generation X makes up the largest share of millionaire households in 23 of the 30 largest metro areas, including in the Philadelphia metro, according to Point2. Two in five — 41% — of the region’s millionaire households belong to this generation. Baby boomers make up the next largest share — 30%. And millennials make up 12%.

The main occupation for a millionaire homeowner in the Philadelphia area is physician, according to the analysis. The typical millionaire homeowner in the region is a Gen Xer who owns a home with an estimated value of $1 million that has 11 rooms and five bedrooms. The household has three cars.

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Detroit and Houston are the other major metros where physician is the main occupation for millionaire homeowners in each of the three main home-owning generations: baby boomers, Gen X, and millennials.

Physicians, chief executives, legislators, lawyers, and judges are the positions that are most represented among millionaire homeowners across the 30 largest metro areas.

Other positions include software developers, athletes, engineers, and real estate brokers and agents.

Nationwide, the majority of millionaire homeowners — three in four — are married. But almost one in five are single. Others are divorced, widowed, or separated.

Millionaire homeowner households have almost equal shares of high-earning women and men.

In 2017, the beginning of the time period analyzed, baby boomers represented the highest share of millionaire homeowners. Five years later, Gen Xers had overtaken them.

Nationwide, the typical home owned by a millionaire has 10 rooms — one fewer than the typical Philadelphia millionaire’s home.

The typical millionaire’s home in the New York metro area is estimated to be worth $1 million more than in the Philadelphia region. But it has two fewer rooms.

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In Pittsburgh, the typical homeowner in this income bracket has a home with an estimated value of about $753,000, the second-lowest value after Cincinnati’s roughly $692,000.

The estimated value of millionaires’ homes in San Francisco, Los Angeles, and San Diego is more than $2.5 million.

Nationwide, about 136,700 households had annual incomes of more than $1 million in 2022, but, predictably, the number of millionaire homeowners varies greatly by metro area.

The Philadelphia metro falls in the middle range, with the 11th most of these households out of the largest 30 metros.

The New York metro had the most — about 26,600, which was more than 12 times the number in the Philadelphia metro.

Next is the Los Angeles metro with about 10,800, followed by the San Francisco metro with about 8,900. The San Francisco region also has the highest share of households that make more than $1 million — 0.49%.