Yahoo Finance I’m a Real Estate Agent: Wealthy Millennials Are Buying Homes in These 3 States
Wealthy millennials (i.e., people born between 1981 and 1996) are moving, ditching such traditionally attractive cities like New York and Los Angeles for other locales with better benefits. Indeed, states like California and New York — where the high cost of living is a persistent challenge — are losing around 31,000 and 27,000 wealthy millennials respectively, according to an Upgraded Points survey.
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“My view is that there is a commonality to where wealthy millennials are moving and purchasing homes,” said Dottie Herman, vice chair and former CEO of Douglas Elliman Real Estate. “For starters, they are leaving places where you have to pay a lot of taxes. Millennials do not like giving the government any more of their hard-earned income than is totally necessary.”
Suzanne Miller, CEO and founder of Empire State Properties, added that with all the latest innovations in technology, upwardly mobile millennials are packing up for states where it is cheaper to live and there is a better quality of life. “I’d say millennials have been moving faster, probably because of the pandemic, but also to get away from large crowds, crime, homelessness and other problems associated with big cities,” she said.
According to Miller, millenials are looking for places that combine more space, less people, good jobs, good transportation, well-run airports, culture, food, entertainment and lots of leisure activities into a single city.
So where are these wealthy millennials moving to?
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1. Florida
Millenials are moving to states such as Florida, where they can build on the wealth they’ve already accumulated and can have a better quality of life for their families. Additionally, Florida doesn’t have a state income tax, which means that money stretches further, said Omer Reiner, licensed realtor, entrepreneur and president of FL Cash Home Buyers.
Specifically, Herman noted that Miami is a very popular city for millennials who enjoy the tropical weather, the international cuisine, nightlife and the many job opportunities.
“Careers can be started — or advanced — in finance, hospitality, travel, tech, real estate and more,” she said.
2. Colorado
Another attractive location for millenials is Colorado — specifically Denver, which has a very lively social scene, close proximity to the Rocky Mountains, abundant outdoor sports and plenty of tech and green jobs.
“Many Millennials are foodies and Denver is very much an attraction for this reason,” Herman added.
3. Texas
Austin, Texas has a lot of appeal for millennials and is among their top destinations because it’s a great music town brimming with culture, great nightlife and the cost of living is still relatively low, said Herman. The city has seen a lot of job growth as well.
Reiner agreed, saying that Austin continues to hit Top 10 lists for relocation and for real estate purchase. “The weather there is warm and sunny, and the whole vibe is appealing to this age bracket,” he noted. “Opportunities for investments in tech and other startups about, and the music and food scenes are hugely attractive for wealthy people to put down roots.”
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According to Reiner, both Florida and Texas will continue to be attractive for at least the next decade. If you find yourself if the millenial age bracket and are looking to relocate, consider the states and cities mentioned above as potential new homes.
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