Santa Barbara makes the list of Top 10 U.S. towns where millionaires are buying second homes

For many of America’s most affluent people, having a second or third home is the norm. And according to a new report, they prefer properties in beachfront areas like Boca Raton or near the Rocky Mountains.

Henley and Partner’s 2023 wealth report ranked the top 10 U.S. towns where centi-millionaires — those with a wealth of $100 million or more — own second homes.

Data collected by New World Wealth, a global intelligence firm, showed the number of centi-millionaires living in these towns fluctuating depending on the time of year.

In December 2022, the peak holiday season, the number of centi-millionaires increased exponentially, which suggests more vacation homeowners in these areas.

Top 10 U.S. towns where millionaires are buying second homes

1. Miami, Florida

2. The Hamptons, New York

3. West Palm Beach, Florida

4. Napa, California

5. Aspen, Colorado

6. Santa Barbara and Montecito, California

7. San Diego, California

8. Jackson Hole, Wyoming

9. Carmel-by-the-Sea, California

10. Boca Raton, Florida

Miami, Florida, which includes the city and the island of Miami Beach came in the number one spot on the list. The Henley and Partner’s report stated that during December 2022, there were over 800 centi-millionaires with homes in the Florida city. Miami has also seen a millionaire growth rate of 75% from 2012 to 2022. According to the report, in December 2022, the city was home to 38,000 millionaires, 160 centi-millionaires, and 12 billionaires. The second town on the list is The Hamptons, New York. Henley and Partner’s report stated that the famous playground for the rich and famous had 700+ centi-millionaire residents during the peak holiday season versus 25 permanent residents

The report also added that The Hamptons was a vacation home hotspot thanks to the rise in hybrid living. According to recent data from WFH Research, hybrid workers earn more than people with fully remote or in-person jobs. It’s a trend that also arose in emerging tech hubs like Austin and Miami. Those cities’ business-friendly environments have made them new tech capitals, according to Henley and Partner’s report.

Another Florida city rounded out the top three: West Palm Beach, which includes Palm Beach island and the town of West Palm Beach. The report states that in December 2022, the city had over 400 centi-millionaires versus only 64 residents during the rest of the year.

West Palm Beach is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone.

According to Sotheby’s listings, homes are currently on sale in the area ranging from $1.9 million to $89 million..

Content courtesy of CNBC