Rice Business Plan Competition awards $1.4M to 2026 student teams

winner, winners

Here's who won big at the annual Rice Business Plan Competition. Photo courtesy Rice Alliance

Editor's note: This article has been updated to correct the total amount of investment and cash prizes awarded at the RBPC and with additional information from Rice.

Another team from the Great Lakes State took home top honors and investments at this year's Rice Business Plan Competition.

BRCĒ, a material-tech startup from Michigan State University, took home the top-place finish and the largest investment total at the annual Houston event. It has developed Lattice-Grip technology to create utility-based polymers that can replace traditional fabric. The materials are stronger, fire-resistant and more stable than traditional textiles, according to the company. Last year, the University of Michigan's Intero Biosystems won first-place finish and the largest investment total of $902,000.

In total, the RBPC doled out more than $1.4 million in investment and cash prizes, according to Rice. Over the three-day event, held April 9-11, the 42 competing startups presented their business plans to 300 angel, venture capital and corporate investors. Seven finalists were selected.

Three Texas teams, including one from Houston, were named among the finalists. Here's who won big this year, with their investment totals and some of their awards listed below.

BRCĒ, Michigan State University — $611,500

The recent Shark Tank alum finished in first place for its utility-based polymers technology.

  • $200,000 Goose Capital Investment Grand Prize
  • $100,000 The OWL Investment Prize
  • $100,000 Houston Angel Network Investment Prize
  • $75,000 The Indus Entrepreneurs (TiE) Texas Angels Investment Prize
  • $50,000 nCourage Investment Network’s Courageous Women Entrepreneur Investment Prize
  • $25,000 New Climate Ventures Sustainable Investment Prize
  • $20,000 Aramco Innovator Cash Prize
  • $1,000 Anbarci Family Company Showcase Prize
  • $500 Mercury Fund Elevator Pitch Competition Prize – Consumer Hard Tech

Legion Platforms, Arizona State University — $535,500

The startup won second place for its multiplayer gaming platform that can be accessed with slow internet speeds.

  • $100,000 Anderson Family Fund & Finger Interests Second Place Investment Prize
  • $200,000 Goose Capital Investment Prize
  • $100,000 The OWL Investment Prize
  • $25,000 Pearland EDC Spirit of Entrepreneurship Cash Prize
  • $500 Mercury Fund Elevator Pitch Competition Prize – Consumer

Imagine Devices, University of Texas at Austin — $111,000

The pediatric medical device company won third place for its multifunction neonatal feeding tube, known as Trinity Tube

  • $50,000 Anderson Family Fund & Finger Interests Third Place Investment Prize
  • $25,000 Pearland EDC Spirit of Entrepreneurship Cash Prize
  • $25,000 The Eagle Investors Investment Prize
  • $1,000 Anbarci Family Company Showcase Prize

Altaris MedTech, University of Arkansas – $16,000

The startup won fourth place for its pain-free strep test.

  • $5,000 Norton Rose Fulbright Fourth Place Prize
  • $1,000 Mercury Fund Elevator Pitch Competition Prize — Overall Winner

Routora, University of Notre Dame & University of Texas at Austin – $15,500

The team won fifth place for its route optimization app that works to reduce fuel costs, travel time and carbon emissions

  • $5,000 Chevron Fifth Place Prize
  • $500 Mercury Fund Elevator Pitch Competition Prizes — Digital

DialySafe, Rice University — $15,500

The startup won sixth place for its technology that aims to make at-home peritoneal dialysis simpler and safer.

  • $5,000 ExxonMobil Sixth Place Prize
  • $500 Mercury Fund Elevator Pitch Competition Prizes — Life Science

Arrow Analytics, Texas A&M University – $16,000

The startup won seventh place for its AI-powered sizing system for carry-on baggage.

  • $5,000 Shell Ventures Seventh Place Prize
  • $1,000 Anbarci Family Company Showcase Prizes


Other significant prizes included:

BiliRoo, University of Michigan – $26,000

  • $25,000 Southwest National Pediatric Device Consortium Pediatric Device Cash Prize
  • $1,000 Anbarci Family Company Showcase Prizes

BeamFeed, City University of New York – $25,000

  • $25,000 Amentum and WRX Companies Rising Stars Space Technology and Commercial Aerospace Cash Prize

Grapheon, University of Pittsburgh — $20,000

  • $20,000 Aramco Innovator Cash Prize

A total of $75,000 in in-kind legal services was awarded to all finalists. The grand prize winner, BRCĒ, also received a chief financial officer consulting prize worth $40,000. Each competing startup received at least $950 in prizes for placement in the competition.

“The Rice Business Plan Competition has grown into far more than a competition—it’s a proving ground for founders and a catalyst for real company formation, as well as a catalyst for building the Houston entrepreneurial ecosystem,” Brad Burke, associate vice president of Rice Innovation and executive director of Rice Alliance, said in a news release. This year's event was Burke’s final RBPC after nearly 25 years of leadership.

Last year, the Rice Business Plan Competition facilitated over $2 million in investment and cash prizes. According to Rice, more than 910 startups have raised more than $6.9 billion in capital through the competition over the last 25 years.

See a full list of this year's winners and stream rounds from the competition here.

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Mark Cuban described AI as "the great democratizer" for low-income, young people at the Clover x Shark Tank Summit this month. Photo courtesy Clover.

Mark Cuban calls AI ‘the greater democratizer’ for young entrepreneurs

eyes on AI

Texas billionaire Mark Cuban—whose investment portfolio includes Houston-based Holliball, a startup that makes and sells large inflatable holiday ornaments—believes AI is leveling the playing field for budding low-income entrepreneurs.

At the recent Clover x Shark Tank Summit in Las Vegas, the Shark Tank alum called AI “the greater democratizer.”

Cuban told Axios that free and low-cost AI tools enable disadvantaged teenagers to compete with seasoned professionals.

“Right now, if you’re a 14- to 18-year-old and you’re in not-so-good circumstances, you have access to the best professors and the best consultants,” Cuban said. “It allows people who otherwise would not have access to any resources to have access to the best resources in real time. You can compete with anybody.”

While Cuban believes AI is “the great democratizer” for low-income young people, low-income workers still face hurdles in navigating the AI landscape, according to Public Works Partners, an urban planning and consulting firm. The firm says access to AI among low-income workers may be limited due to cost, insufficient digital literacy and infrastructure gaps.

“Without adequate resources and training, these workers may struggle to adapt to AI-driven workplaces or access the educational opportunities necessary to acquire new skills,” Public Works Partners said.

Texas 2036, a public policy organization focused on the state’s future, reported in January AI jobs in Texas are projected to grow 27 percent over the next decade. The number 2036 refers to the year when Texas will celebrate its bicentennial.

As for the current state of AI, Cuban said he doesn’t think the economy is witnessing an AI bubble comparable to the dot-com bubble, which lasted from 1998 to 2000.

“The difference is, the improvement in technology basically slowed to a trickle,” Cuban said of the dot-com era. “We’re nowhere near the improvement in technology slowing to a trickle in AI.”

Berkley Luck and Pedro Silva, co-founders of Milkify, join the Houston Innovators Podcast to discuss the impact of their successful Shark Tank experience. Photo courtesy of Milkify

Houston startup founders prepare to scale globally following Shark Tank success

HOUSTON INNOVATORS PODCAST EPISODE 205

While Milkify's founders — husband and wife team Pedro Silva and Berkley Luck — secured partners on a popular business pitch and investment show, the entire experience almost didn't happen.

Silva and Luck, who got her PhD in molecular and biomedical s at Baylor College of Medicine, founded the company to provide breast milk freeze drying as a service to Houston-area families. Now, Milkify has customers across the country, but the duo didn't know if going through the process would be worth the investment and publicity, or if it would just be a distraction.

"The competitor in me wanted to be the first breast milk company to go on the show and to tell our story to the world — to show the world what my wife came up with that we thought was so great," Silva says on the Houston Innovators Podcast. "It was probably the scariest 45 minutes of my life."

But the sharks bit. Milkify's episode aired in April, and two investors — Gwyneth Paltrow and Lori Greiner — agreed to a $400,000 convertible note for 20 percent equity in the company. Paltrow even said on the show that she would have used the service when she was breastfeeding.

"It was empowering," Luck says of getting to wear her white coat on TV and share the story of how she came up with the idea of Milkify. "It was important to me when we went on the show to express that this had a scientific basis, that we didn't start this lightly, and that we've made huge strides in doing this in the absolute safest way possible."

Silva says they can't talk about some of the details of the show or the deal, but since then, Milkify has reached new customers, received additional investment interest, grown its team, and built out its plan to scale, the founders shared on the podcast. The team also shares its big-picture scale plans, which include tapping international partners to potentially take Milkify's tech global.

"Our vision is for every family to have access to breast milk formula, but instead of re-creating breast milk in a lab, we're doing it with mom's own milk," Silva says, mentioning a partnership with a breast milk bank that will convert its operation from freezing to freeze drying donated milk. "We're also working with groups in the UK and Australia to launch similar services using our patented technology."

"By the end of the year, we hope to see some announcements with those partnerships across the globe."

From the beginning, the importance of Milkify's team has been on supporting working parents to give them the best way to care for their families, Silva says. And for Luck — who says she's proud of the integrity Milkify has at its core despite competitors offering lower-quality and, in some cases, dangerous alternatives — she sees a lot of research benefits for the company.

"It's amazing to be at this leading edge, not just of innovation but of research, and to be able to still put out meaningful advances as an industry partner, not just as an academic," Luck says, adding that she hopes to be able to continue to contribute to the ongoing research into breast milk.

Luck and Silva share more about their Shark Tank experience, their co-founder strengths, and the future of Milkify on the podcast. Listen to the interview here — or wherever you stream your podcasts — and subscribe for weekly episodes.

Houston-based Milkify will pitch their freeze-drying breast milk concept on Shark Tank this Friday. Photo courtesy of Milkify

Houston startup with breast milk freeze-drying tech heads to Shark Tank

coming to a TV near you

A Houston startup is competing in the "Super Bowl of Business," as founder Pedro Silva calls it, and you can watch the action later this week.

Milkify will appear on ABC’s “Shark Tank” this Friday, April 7. Silva, co-founder and CEO, created Milkify along with his wife, Berkley Luck, PhD, in 2019. Today, Luck is a mom, COO, and a molecular biologist, but she had the idea for the company back in grad school. A coworker was struggling with pumping breast milk “lugging the pump back to work,” as Luck puts it.

Luck was studying probiotics at the time and was using a freeze-dryer in her work. The problem inspired her to create a process of freeze-drying breast milk that is now patent pending. The trademarked process is centered around SafeDry, special freeze-drying pouches.

“The breast milk never makes contact with our equipment,” Luck explains. The powdered milk is transferred directly from the bag in which it’s freeze-dried to the final packaging under sterile conditions. The result is not only shelf-stable, but keeps for at least three years, exponentially longer than frozen milk.

Silva admits that when Luck first pitched Milkify to him, he thought it was a crazy idea. “But Berkley is way smarter than I am. There must be something to it,” he realized. At the time, he was working in energy private equity. But he vowed that if they could find a viable path to making Milkify a business, he would join Luck full-time.

Early in the company’s life, the couple purchased a blue van that said “We will freeze-dry your breast milk,” recalls Silva. This grassroots marketing introduced them to a neighbor whose baby refused to drink her frozen milk. “He spat it out, he hated the taste,” Silva says. The pair freeze-dried her milk for the baby and their neighbor soon sent a video of the little one chugging six ounces of her rehydrated milk.

“That was the lightbulb moment,” says Silva. “How often do you get to work on something really meaningful?”

Since its founding, Milkify has freeze-dried and powdered more than half a million ounces of breast milk, all carefully preserved and packaged individually. Last October, Milkify opened what Luck claims is, “The only GMP-certified processing facility in the world right now specifically designed for freeze-drying breast milk.”

The 6,400-square-foot Houston space is a vast improvement from the previous 200-square-foot facility. That was thanks to raising $1.2 million in funds, which has also allowed them to build a larger staff.

“Our entire workforce at this point other than Pedro is moms,” says Luck. Including the couple, they are a team of 10, and just hired two additional members. They are currently looking to hire, says Silva, with roles including both operations and logistics associates. Experience, he says, is less important than conscientiousness and a good attitude, as they will train their new hires in-house.

And Milkify is about to receive more attention than ever with its appearance on “Shark Tank.” “Getting on a national stage to share our story was the main motivation for it,” says Luck. That translates to both education about the potential for freeze-drying breast milk, and about Milkify’s unique model.

“We started this business as a labor of love. It wasn’t just a financial reason,” says Silva. “This can actually help a lot of people. This is a way to spread the word.” And in the process, help countless moms and babies.

Berkley Luck and Pedro Silva — the wife and husband team behind Milkify — appear on Shark Tank this Friday. Photo courtesy of Milkify

Sugar Land-based Fish Fixe floated their seafood delivery service on Shark Tank last year. Photo via Shark Tank

After catching a deal on Shark Tank, these Houston-area fish foodies swim toward more funding

reeling in cash

The benefits of working more fish into your diet are as endless as the vast ocean itself, but going about buying and cooking fish is an expensive and daunting process.

Houstonians Melissa Harrington and Emily Castro thought they could help and launched Fish Fixe in 2017 to tackle these challenges and bring high quality seafood direct to consumers. Fish Fixe delivers seafood with easy-to-access instructions on storage and thawing — plus cooking recipes that take around 20 minutes.

The duo launched the company in 2017 and appeared on the 13th season of Shark Tank last year. In 2020, with more people avoiding grocery stores and restaurants, they saw a 400-percent increase in sales. They pitched asking for $200,000 in investment. Lori Greiner, the "queen of QVC," took the bait — and 25 percent equity.

“COVID-19, which forced more people to eat at home and adopt direct-to-consumer services, and Shark Tank were both spring boards for our sales, and through these events we've been able to retain many customers,” says Harrington.

In order to sustain this growth and provide more opportunities to scale, Harrington and Castro put the Shark Tank investment into their distribution line and moved everything into a centralized distribution center which replenishes distribution centers in other parts of the country.

“By late Q2, we will have four distribution centers that can hit 99 percent of the US in less than two days,” says Harrington.

Up next, Harrington and Castro have their sights set on the customer experience and the content space, which they hope to support with some outside funding.

“We are going to go raise some money because we truly feel that with the right resources we can scale and serve more people and spread the message,” says Harrington. “The hard work, we kind of feel like, has already been done in the setup and now it’s time to go have fun and go market, which is really fun.”

Prior to Fish Fixe, Harrington and Castro both worked in food and beverage. Harrington worked in the live lobster business and sold lobsters to high-end Houston restaurants and HEB. Castro worked in wine and spirits and managed a team of 50 sales professionals. Leveraging that depth of experience, they were able to bring Fish Fixe from concept to market in 90 days.

Breathe easy. HiccAway relieves hiccups instantly. HiccAway/Instagram

Texas doctor dives into Shark Tank with invention that stops hiccups

shark bait

Humans are weird. Take, as a perfect example, the phenomenon of hiccups — the sudden and involuntary spasm of the diaphragm muscle between regular breaths. All humans experience them, and so do other mammals and even amphibians. But we’re guessing other animals don’t approach treating hiccups in the wacky ways humans do.

For instance, some less-than-successful hiccup remedies of lore include sipping water upside down (and subsequently trying to not drown), holding one’s breath for a long time (and often hiccupping throughout the hold anyway), sucking on a peppermint, gagging oneself or pulling on the tongue, and even gobbling up a spoonful of peanut butter to help change the breathing and swallowing pattern.

The truth is those ideas are mostly a waste of breath. Luckily, one San Antonio doctor has invented a device that supposedly instantly relieves hiccups — and his invention is getting so much attention that he’s even hooked a chance to pitch the product on a new episode of ABC’s entrepreneurial-focused reality show, Shark Tank.

Dr. Ali Seifi, a neurointensivist at UT Health San Antonio and the inventor of the aptly named HiccAway, will appear on an episode of Shark Tank that airs tonight, January 21 at 7 pm.

HiccAway, a straw-like device that a hiccup sufferer uses to sip water through, is likely to wow the sharks — maybe even take their breath away? — as it is the world’s first scientifically proven medical product that safely relieves hiccups.

In fact, HiccAway was recently the subject of an article in JAMA Network Open, a publication of the Journal of the American Medical Association Network. The article addresses a four-month cross-sectional study of 249 participants from multiple countries that found that HiccAway stopped hiccups in almost 92 percent of cases and was rated a heck of a lot more favorably than home remedies.

“I believe that the science behind our product is what makes our product trustworthy and reliable. There are many hiccup remedies that are all hit and miss with no exact science to them,” Seifi says. “Some healthcare products claim they can cure a medical condition, but they don’t have scientific backup to support the product. I can confidently state that HiccAway is one of the few products on Shark Tank so far with a strong published research study as a backup.”

While hiccups are simply an annoyance for most of us, they can also be chronic for patients with cancer, meningitis, multiple sclerosis, stroke, traumatic brain or thoracic injury, and even for patients who have had surgery that requires anesthesia.

“After I witnessed my own neurology patients suffering from hiccups without an effective treatment, I was inspired to develop a safe and effective device that would be simple to use and easily available to all people,” Seifi says. “When you forcefully sip water through the device, it keeps the phrenic and vagus nerves occupied, so they don’t have enough time to cause unwanted spasms in the diaphragm. This interruption stops the hiccups.”

While the HiccAway device is already available to purchase through hiccaway.com and on Amazon, as well as at walmart.com and even in H-E-B stores throughout South Texas and at heb.com, Shark Tank (which boasts a viewing audience of about 7 million) could propel HiccAway and Seifi into a new realm of entrepreneurial success.

“For me, the experience was surreal,” says Victor Fehlberg, president and CEO of Higher Innovations Inc., which manufactures and distributes HiccAway from the Denver area. “It took so long to prepare, so much time was spent waiting, that when the pitch and appearance were finally recorded, it went too fast. It was like I was dreaming because it had been so long in the making.”

The Shark Tank appearance is likely a dream come true for Seifi and the HiccAway team — and a total breath of fresh air for the hiccup-suffering public.

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This article originally ran on CultureMap.

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Air taxi network to land in 'Texas triangle' of Houston, Austin, DFW next year

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San Jose, California-based aerospace company Archer Aviation is bringing its air-taxi system to the “Texas triangle” of Houston, Austin and Dallas-Fort Worth.

Currently, the planned zero-emission electric air taxi networks will use Archer’s Midnight air taxi to “turn 60- to 90-minute drives to major airports, business districts and major destinations into 10- to 20-minute flights,” the company said in a news release. Archer plans to begin flights in the Texas triangle next year.

The Midnight air taxi is an all-electric vertical takeoff and landing (eVTOL) aircraft. It can carry four passengers and a pilot and is designed for consecutive flights of about 20 miles.

Archer cites the Texas triangle as one of the busiest and fastest-growing “megaregions” in the country due to its proximity to coastal regions, major airports, and a number of business districts.

Archer Chief Commercial Officer Nikhil Goel described the air taxi experience to CW Houston as “100 times quieter than a helicopter for the price of an Uber Black.” She added that the air taxis are a combination of a helicopter, a small airplane and a drone.

In Houston, Archer’s air taxi network will aim to connect George Bush Intercontinental, William P. Hobby and Sugar Land Regional Airport with downtown destinations, including the Thompson Hotel helipad, and Galveston.

In Austin, it plans to link the city's Austin-Bergstrom International Airport and Austin Executive Airport with the F1 Circuit Helipad at the Circuit of the Americas. Archer debuted its Midnight aircraft at the F1 Prix in the Fan Zone and the F1 Paddock at Austin’s Circuit of the Americas. The Dallas-Fort Worth network is slated to include Dallas-Fort Worth International Airport, Dallas Love Field, Addison Airport, Arlington Municipal Airport, Fort Worth Meacham International Airport and Perot Field Fort Worth Alliance Airport, plus major business hubs like Frisco Station.

“Texas is setting the bar for America’s leadership in the next generation of aviation,” Adam Goldstein, founder and CEO of Archer Aviation, said in the release. “Our planned networks will make the benefits of electric air taxis real for Texans — trading hours in traffic for minutes in the air, while connecting the biggest airports, business districts and sporting hubs in ways that America’s largest megaregion needs to grow.”

Archer is working with state and local partners to develop charging infrastructure and plans to pursue Texas operations through the White House’s eVTOL Integration Pilot Program, according to the release. It recently completed its "No Roads" flight tour, which included multiple flights over the San Francisco Bay, and flew to seven cities over three days.

5 Houston deep tech startups pushing the boundaries of their industries

meet the finalists

Houston has long been at the forefront of innovation, from NASA’s Johnson Space Center to its startup ecosystem using technology to disrupt industries.

As part of the 2026 Houston Innovation Awards, our Deep Tech Business category will honor an innovative startup providing technology solutions based on substantial scientific or engineering challenges, including those in the AI, robotics and space sectors.

Five deep tech companies have been named finalists for the 2026 award.

Read more about these businesses, their founders and their breakthrough technologies below. The 2026 winners will be announced on InnovationMap.com in mid-November.

Casimir

Battery tech startup Casimir develops semiconductor chips that produce continuous electrical power straight from the quantum vacuum, without the need for a battery, cord or external charge source. The company is targeting commercialization for its first-generation MicroSparc chip by 2028.

Harold “Sonny” White founded Casimir in 2023 after nearly two decades at NASA. The company emerged from stealth with a $12 million seed round in 2026. It was also awarded an STTR Phase I contract from the U.S. Space Force's SpaceWERX to support the development of the company's solid-state generator for potential use by the Department of the Air Force earlier this year.

FocisAI

Artificial intelligence startup FocisAI helps refinery owner-operators unlock actionable insights from 3D scans and images.

FocisAI was founded by CEO Tyler Wooten, COO Colin Snell and CTO Kyle Snell in 2026. It is a member of Greentown Labs and launched a seed round in September, which is expected to close by the end of the year, according to the company's application. It has rolled out 10 pilot programs and is looking to move into recurring, facility-scale deployments and scale its team in Houston this year.

Machine Saver Inc.

Industrial tech startup Machine Saver Inc. builds wireless and wired vibration and proximity sensors to tell heavy industry when a machine is about to fail. The company's technology runs on an 8-plus-year battery life and helps operators reduce downtime, improve maintenance and extend equipment life.

Machine Saver was founded by CEO Colton Bach and Quentin Bach in 2013. Its customers and partners include Houston Methodist, Blue Bell, Genemco, as well as energy and heavy industry, food and beverage, and cold chain companies, according to its application. The company is raising a Series A.

Square Robot

Energytech startup Square Robot develops and operates submersible inspection robotics that inspect aboveground storage tanks while they remain in service. The robots reduce downtime and costs, improve worker safety and limit hydrocarbon emissions.

Square Robot launched its Houston office in 2019 and closed a Series B in 2025. It plans to complete its first U.S. Navy demonstrator tank in November and is also developing real-time inspection software.

Venus Aerospace

Spacetech company Venus Aerospace is developing a high-thrust rotating detonation rocket engine (RDRE) that replaces the subsonic combustion used in conventional rocket engines. The RDRE is a compact, simpler engine that can deliver up to 15 percent greater efficiency for defense and space applications. It completed its first U.S. flight test of the engine last summer.

Venus Aerospace was founded in 2020 by CEO Cassie Duggleby and CTO Andrew Duggleby. It raised a $20 million Series A in 2022 and $42 million Series A2 in 2025. It closed a $91 million Series B earlier this year and expanded its leadership team. The company is working toward longer-duration and higher-thrust testing and advancing its flight program.

Houston leads U.S. with the biggest surge in millionaire renters

Rent Report

The number of millionaire renters and homeowners in the U.S. has surged over the last five years, and Houston has soared ahead of the rest with the largest growth rate among these affluent renter households.

Houston leads the nation with the No. 1 increase in millionaire renters from 2020 to 2024, a new RentCafe study found. The number of these wealthy households increased from 18 to 232 over the last five years, representing a 1,189 percent growth rate.

"The pandemic accelerated the shift as remote work pushed the wealthy to relocate to lower-tax metros like Houston, where millionaire renters grew 13-fold, versus 3.9-fold for owners," the report said. "Granted, 232 households is still a tiny fraction of the Houston metro’s roughly 2.7 million households, but the growth rate far outpaces any other major metro."

Nationwide, the number of millionaire renter households grew 229 percent from 2020 to 2024, outpacing the 193 percent growth rate among millionaire homeowners.

Dallas was the only other Texas metro to crack the top 10. The number of millionaire renter households in North Texas has more than quintupled, from just 30 in 2020 to 165 in 2024. That represents a growth rate of 450 percent, which — surprisingly — is only the eighth highest nationwide.

But when it comes to the largest populations of millionaire renters, New York City and San Francisco still lead the way. New York claimed the No. 1 spot with nearly 7,300 millionaire renters living in the city in 2024. Houston ranked 12th on that list.

Elsewhere in Texas, Austin and Dallas ranked as the 16th and 17th, respectively, for the largest population of millionaire renters. There were 206 millionaire renters living in Austin in 2024, and 165 in Dallas.

This is who the typical millionaire renter is
The report also revealed a surprising statistic about the typical millionaire renter in the U.S. — a lot of them are millennials working in "white-collar, high-earning fields."

"Nearly half (49 percent) of millionaire renters are Millennials, and the number of affluent Millennial renter households surged 392 percent during the five-year period," the report said. "Gen X follows with 33 percent of millionaire Gen X households renting after increasing by 147 percent."

The report continued, "Although Gen Z still represents a small share of millionaire renters (just 2 percent of the total), no generation has expanded faster: Gen Z millionaire renter households leaped from fewer than a dozen to more than 400 — a tiny cohort today, but one that was virtually nonexistent five years ago."

The top three most common professions for millionaire renters are chief executives, software developers, and managers, the report additionally found. In Houston, the surge of wealthy newcomers are mostly executives, professional athletes, and entertainers.

"These roles tend to generate steady, substantial income without necessarily tying workers to one location, making renting a practical fit, rather than a financial necessity," the report said.

Hotspots for millionaire homeowners
In RentCafe's separate list comparing the top 10 most popular U.S. metros for millionaire homeowners, Houston ranked 12th nationally with 4,374 millioniare homeowners living in the metro as of 2024. These wealthy Houstonians are most likely working as chief executives, physicians, managers, and lawyers and judges.

Houston has already proven to be a hotspot for millennial homebuyers, and the latest RentCafe data says millennials make up 19 percent of all millionaire homeowners in the U.S. Gen Xers and Baby Boomers still maintain the largest shares of millionaire homeowners nationwide, at 45 and 33 percent, respectively.

Dallas (No. 10) and Austin (No. 20) also appeared among the hottest metros for millionaire homeowners.

Only one Texas city appeared among RentCafe's list of the 20 fastest-growing metros for millionaire homeowners: College Station ranked 13th nationwide with a growth rate of 1,329 percent. From 2020-2024, the number of millionaire homeowners residing in College Station grew from 14 to 200.

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This article originally appeared on CultureMap.com.

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