It may be hard to believe, but in just 10 years, millennials (ages 23-38) will hold five times as much wealth as they have today. By 2030, they are expected to inherit more than $68 million from their baby-boomer parents, giving them a lot more money to spend on real estate.
This is just one of the many interesting insights found in “A Look at Wealth 2019 | Millennial Millionaires,” a study by the Coldwell Banker Global Luxury team and WealthEngine that analyzed the lifestyle of millennials with a net worth of more than $1 million, including property investments, spending trends and more.
Right now, there are around 618,000 millennial millionaires in the U.S., just 2% of the overall millionaire population. However, that number is expected to rise quickly during the next decade.
Here are a few other notable facts about millennial millionaires:
- 93% have a net worth between $1 million and $2.49 million.
- 92% have purchased property, with 80% having bought a single-family home.
- 45% are between the ages of 34 and 37.
- Their average real estate portfolio is almost $1.4 million.
Reflecting the overall millionaire population, the majority of millennial millionaires (44%) live in California, followed by New York, Florida, Massachusetts and Texas. Eight of the top 10 ZIP codes in the nation are in California, with most in Silicon Valley, suggesting a strong tie between tech and wealth creation.
Unlike their parents’ generation, who often preferred gated communities, millennials value other factors when it comes to location. For many, being able to live within walking distance of restaurants, coffee shops, breweries and parks is more important than having lots of square footage and amenities.
To view the entire report, click here.