Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

The average millennial millionaire has 3 homes and will inherit more

11/11/2019

Download PDF

If your only mental image of a luxury real estate buyer is an old man in a Porsche, it’s time to expand your client base.

The average millennial millionaire in America already owns three properties, boasts an average real estate portfolio worth of $1.4 million and is set to inherit even more in the years to come, according to Coldwell Banker’s latest report on millennial wealth.

released last month, the report found that millennials will overtake boomers as the largest living adult generation and inherit more than $68 trillion in wealth from their predecessors by 2030. Millennial millionaires, in particular, are going to be a strong force for the real estate market. Today, the average millionaire is already between 34 and 37 years old, has a net worth of between $1 and $2.49 million and will inherit even more from their parents.

“There is already a large and growing population of millennial millionaires, and there will be even more created over the next decade according to projections,” Craig Hogan, vice president of luxury for Coldwell Banker said in a statement. “The big question is, ‘What will this generation do with their wealth when the Great Wealth Transfer takes place?’”

Coldwell Banker

While millennial millionaires currently make up 2 percent of the country’s millionaire population and 0.2 percent of its general population, the ones with wealth and real estate buying power will only continue to grow. Baby boomers, or people born between 1946 and 1964, are currently the wealthiest generation in history. As they age and start to transfer that wealth onto their children, what is known in economic circles as the Great Wealth Transfer will only increase the wealth of current young millionaires.

Build a business platform to make an impact See how two top agents support a cause that’s close to their hearts READ MORE

And, naturally, that will also affect real estate buying trends. At the moment, 92 percent of millennial millionaires have already purchased properties and 80 percent have bought a single-family residence. The majority (44 percent) live in California with New York, Florida, Massachusetts and Texas closely following as states with high numbers of wealthy millennials.

Coldwell Banker

According to the report, there is also a high number of millennials who are not wealthy today but will become so after inheriting money from their parents. And while it is not clear how many will keep family homes and how many will sell them, analysts predict that, as wealthy millennials age, many will want to play the real estate market with both earned and inherited wealth.

“I think today’s millennials have a real traveler’s spirit, as compared to previous generations,” Coldwell Banker luxury ambassador Danny Hertzberg said in a statement. “If they inherit properties from their parents, I would think they would be looking to sell them and look for more vacation homes in nontraditional markets where their dollar goes a little further yet still offer the lifestyle they want.”

Email Veronika Bondarenko

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Mission Chronicle Newsletter July 24, 2023

    Mortgage rates continued to press downward last week after the previous week's CPI data pointed to e...

  • Mission Chronicle Newsletter Feb 20, 2023

    Despite the recent downward trend in mortgage rates and hopes that the Fed was nearing the end of it...

  • Mission Chronicle Newsletter Feb 6, 2023

    The Federal Reserve meeting ended as market participants expected, with a quarter-point increase and...

  • Mission Chronicle Newsletter Dec 26, 2022

    Mortgage rates held relatively steady last week as most economic news came in better than expected.C...

  • Mission Chronicle Newsletter Dec 12, 2022

    Rates managed to move slightly downward last week as recession fears grew amid hopes that the Fedis ...

  • Mission Chronicle Newsletter Dec 5th 2022

    Mission Chronicle Newsletter Dec 5th 2022. Platforms: Browser, mobile-responsiveIdeal for: Leasing a...

  • Inman Review: Tenants and leasing teams get better connected with RentTango

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Tech Review: Smart Alto puts people first in its innovative lead qualification solution

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Refreshed and nurture-savvy, Market Leader’s CRM deserves your attention

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The top 4 tips to improve your negotiation skills

    In today’s luxury real estate market, strong negotiation skills are an asset—you might even say ...

June 2024
Mon Tue Wed Thu Fri Sat Sun
 12
3456789
10111213141516
17181920212223
24252627282930

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...