With the increase of people finding their fortunes from younger ages, there are now around 600,000 millennial millionaires in the US alone. With this increase in wealth and reports predicting it to do nothing but grow, these young and trendy individuals are looking for the perfect properties to invest in. On average, millennial millionaires own three homes, slightly higher than the 2.4 properties the average older millionaire possesses. They also have larger real estate portfolios than non-millennials, $1.4 million compared to $919,000.
With a selection of popular and luxurious locations around the world, where is it that millionaire millennials are flocking to? As a leading real estate and creative agency specialising in investment properties in America, Alistair Brown International Real Estate are here to share insight into where millionaire millennials are moving to.
Typically, America is the most popular country for these young and innovative individuals. The culture, arts and urban aesthetic of certain American states are particularly attractive. However, which states are dominating the list?
With 44% of these millionaire millennials choosing to invest in California properties, there’s no surprise it’s at the top of the list. One of the most attractive aspects of California is the higher paid salaries that you can expect from careers in this state.
California also offers its residents a laid-back environment, perfect for unwinding after a busy day in the office. For those who like to let loose after a long day, there are also plenty of choices when it comes to nightlife activities.
2. New York
14% of these high-flyers choose to live in New York. Just like California, the city of New York is able to offer higher and more attractive salaries for younger generations. This makes it easier for young earners to continue to grow and expand their earnings in a busy city environment.
One of the most common reasons why people choose to move to New York is to have the freedom to express themselves and be exactly who they want to be in this artsy city. Dye your hair, wear whatever clothes you like and ultimately, be comfortable, confident and happy.
Florida easily ranks as one of the seven most popular states, where 5% of millionaire millennials are choosing to purchase their properties. Out of the 618,000 millionnaire Millenials in the US, this means 30900 millennial millionaires invested in Florida. Overall, South Florida is more desirable, with a significant amount of individuals being drawn to its charm, aesthetic and of course, great weather!
Boasting a fantastic selection of Florida investment properties, millionaire millennials can easily find the perfect home for themselves. The percentage of high-earning, younger generations choosing to invest in Florida will only continue to rise, as they are looking for urban, family-friendly places to settle in.
Florida may quickly rise higher in the list due to the all-round benefit it can offer. Not only are the properties stunning and the location ideal, but you’ll also feel more than welcome due to the easy, laid-back nature of Floridian residents.
We’re proud to have a selection of properties, ideal for people looking to invest in Florida real estate. Ranging from properties situated near the popular tourist destination Disney World to properties in the Gulf Coast, buyers are able to find a property that suits their specific wants and needs.
With an intense sports culture, great summers and tasty dining options, there’s little wonder that 5% of millionaire millennials choose to live in Massachusetts. If you’re someone who can tolerate colder winters (or even prefers colder weather), then this is a great area for you.
Massachusetts is extremely popular with Instagrammers due to its aesthetic location, especially when it comes to the colours of fall. For those who make a living with influencer and social media marketing, this could be the perfect location for an Autumnal vacation home.
Coming up 5th in the list is Texas. As it currently stands, 5% of millionaire millennials are choosing to live in Texas due to its natural beauty, fast-growing cities and higher education facilities. Texas is a nice middle-ground choice for emerging millennials looking to invest in their first properties overseas.
Many wealthy American’s choose to live in Texas. One of the most popular cities in Texas for millionaires is Bellaire. This is due to its glamour and overall feeling of wealth and luxury.
Did you know that 4% of high-earning young people choose to live in Washington State? There are many reasons that Washington has made the list of the most popular destinations for millionaire millennials. For example, there are plenty of jobs, global business relationships and fantastic outdoor activities.
Perhaps one of the most desirable factors of Washington State is that it is ideal for those striving to lead a healthy lifestyle. For example, Washington has fantastic healthcare and an abundance of hiking trails.
7. New Jersey
Many people are surprised by this, but 4% of high-earners choose to live in New Jersey. This could be due to the fact that tourist attractions such as the Empire State Building will essentially be in your backyard! It all comes down to the physical location of New Jersey and the sight-seeing opportunities it can provide.
When people live in New Jersey, they can enjoy the sense of pride they get from living there. This comes from the many TV shows and movies that have been filmed in New Jersey, making it a world-famous location.
Are You Looking to Invest in America?
Whether you’re looking to relocate or find the ideal holiday home, we’re here to help. With expertise Florida real estate and a wide selection of properties to choose from, we can help anyone with their investment journey. Contact us today for more information on how you can streamline your own investment process.