Wealthy Millennials (i.e., those born between 1981 and 1996) are abandoning traditionally attractive cities like New York and Los Angeles for other regions with better benefits. It’s coming. In fact, the high cost of living is a persistent challenge in states like California and New York, which have lost about 31,000 and 27,000 affluent millennials, respectively, according to Upgrade Point research.
Dottie Herman, Vice Chair and former CEO of Douglas Elliman Real Estate That’s my opinion,” he said. “First of all, they’re leaving places where they have to pay a lot of taxes. Millennials don’t like giving more of their hard-earned income to the government than necessary.”
Suzanne Miller, CEO and founder of Empire State Properties, says the latest technological innovations are attracting highly mobile millennials to states with lower prices and a higher quality of life. added. “I think millennials are moving faster, probably not only because of the pandemic, but also to escape large crowds, crime, homelessness and other problems that come with big cities,” she says.
According to Miller, millennials want places that combine more space, fewer people, good jobs, good transportation, well-run airports, culture, food, entertainment and many leisure activities in one city. I’m looking for.
So where are these wealthy Millennials relocating?
1. Florida
Millennials are moving to states like Florida, where they can build on the wealth they have already accumulated and improve the quality of life for their families. Plus, Florida doesn’t have a state income tax, which means the money will stretch even further, said Omar Reiner, licensed real estate agent, entrepreneur, and president of Cash Home Buyers of Florida.
Specifically, Herman noted that Miami is a very popular city for millennials, who enjoy a tropical climate, international cuisine, nightlife, and many job opportunities.
“You can start or advance your career in finance, hospitality, travel, technology, real estate and more,” she said.
2. Colorado
Another attractive location for Millennials is Colorado, specifically Denver. Denver has a very vibrant social scene, proximity to the Rocky Mountains, plenty of outdoor sports, and plenty of technology and green jobs.
“Many millennials are foodies, and Denver is a very attractive place for this reason,” Herman added.
3. Texas
Austin, Texas has a lot to offer to millennials, with a great music city filled with culture, great nightlife, and a still relatively low cost of living, making it one of the top destinations for millennials. said Herman. Employment has also increased significantly in the city.
Reiner agreed, saying Austin continues to be on top 10 lists for relocation and real estate purchases. “The weather is warm and sunny and the overall atmosphere is appealing to this age group,” he said. “Investment opportunities in technology and other startups, as well as the music and food scenes, are very attractive for high-net-worth individuals to put down roots.”
Both Florida and Texas will remain attractive for at least the next decade, Reiner said. If you’re a millennial and considering moving, consider the states and cities listed above as potential new homes.
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