Most Millennials do not live in California, new York or Florida. According to a new report, they chose the North-Western part of Michigan. Where else can be found, says Fox News.
Coldwell Banker Global Luxury along with WealthEngine published a report on wealthy Millennials. In it, they analyzed their lifestyle, choices and habits of spending.
According to the report, millionaires-Millennials account for 2 percent of millionaires the US and about 0.2 percent of the total population of the country.
About 93 percent of this group have equity from 1 to 2.49 million dollars and approximately 45% at age 34 to 37 years.
Compared to 76 percent of millionaires, wealthy 67 percent of Millennials are married.
Only 20 percent of Millennials are millionaires have a higher education, but 42 percent of millionaires in General.
As for tenure, the two groups are similar. 94 percent of millionaires overall, homeownership, and 92 percent of Millennials are millionaires also have their own home. However, only about 63 percent of other Millennials purchased the property.
Overall, the average portfolio of real estate millionaires is 919 000 dollars, while the wealthy Millennials, according to the report, have an average of $ 1.4 million.
From the report it became known that 44 percent of Millennials are millionaires live in California, but actually most of them in Traverse city, Michigan.
According to the report, the cost of luxury homes in Traverse city is about $ 500,000, and the city has been rejuvenated over the last 10 years.
Coldwell Banker Global Luxury also identified the favourite model of millenials and their wealthy same age. According to reports, more affluent young people prefer a BMW 3 series, while other Millennials prefer the Chevrolet Silverado.
And although there is a stereotype that Millennials love to travel, only about 38 percent of young millionaires traveling.
According to the report, many wealthy Millennials also generous. About 56 percent give to charity.