Contrary to popular stereotype, not every Millennial is burdened with debt. According to the “Millennial Millionaires” report published by Coldwell Banker Real Estate LLC and the Coldwell Banker Global Luxury program, the wealthier members of this youthful demographic are using their money to buy property.
The new report, which culled its data from WealthEngine, estimated there are approximately 618,000 Millennial millionaires in the U.S., with 93 percent of this group enjoying a net worth between $1 million and $2.49 million. And there will be more wealthy Millennials in the coming year: Millennials are projected to inherit $68 trillion from predecessors.
Homeownership is a major priority for the Millennial millionaires, with 92 percent of them purchasing property, of which 80 percent were single-family dwellings. Seventy-seven percent are interested in home improvement as a way to personalize their space.
Eight of the top 10 ZIP codes for this group are concentrated in California’s Silicon Valley, but surprisingly the greatest ZIP Code concentration is in Traverse City, Mich. The top states for Millennial millionaires are California (44 percent), New York (14 percent), Florida (five percent), Massachusetts (five percent), Texas (five percent), Washington (four percent) and New Jersey (four percent).
A new report from Zillow has found that when it comes to putting down residential roots, Millennials are more nomadic than previous generations, with employment and marriage playing into the decision to uproot.