In an effort to help luxury real estate professionals better understand this influential group of current and future homeowners, the company partnered with WealthEngine to analyze key aspects of the millennial millionaire lifestyle, including wealth creation, philanthropy, property investments, spending trends and more.
“Millennial millionaires are projected to become one of the richest and most influential generations in history, said Charlie Young, president and CEO of Coldwell Banker Real Estate LLC. “This report is a smart way to get a detailed look at this generation. Real estate professionals should take notice as understanding this generation will be key to growing your business in decades to come.”
Today, there are approximately 618,000 millennial millionaires in the United States.
According to the WealthEngine data, the vast majority – 93 percent – have a net worth between $1 million and $2.49 million, but the generation stands to be worth even more. In the coming decades many more millennial millionaires will be minted as part of “The Great Wealth Transfer;” millennials are projected to inherit $68 trillion from predecessors.
“This population of millennial millionaires is large and only getting larger – by 2030 millennials are projected to hold five times the wealth they hold today, said Craig Hogan, vice president of luxury for Coldwell Banker Real Estate LLC. “How are they investing in real estate now? How will that change when the Great Wealth Transfer takes place? This report is a must read for any real estate professional looking to build life-long relationships with top clients today and tomorrow.”
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Other notable report findings include the following:
- The top states for millennial millionaires: California (44%), New York (14%), Florida (5%), Massachusetts (5%), Texas (5%), Washington (4%) and New Jersey (4%)
- Eight of the top ten ZIP codes are concentrated in California’s Silicon Valley, but the surprise #1 ZIP code? Traverse City, Michigan
- Walkability is welcome: millennials value walkable neighborhoods over well-established luxury communities
- But they’re not giving up driving altogether. The top car model for millennial millionaires is the BMW 3 Series; compare that to the top car for all millennials, the Chevrolet Silverado
- Homeownership is high: 92% have purchased property, with 80% purchasing a single-family dwelling
- Home Improvement = Customization: 77% are interested in home improvement as a way to personalize their space
- Charitable causes are compelling: 56% of millennial millionaires donate to charities