Traverse City News and Events

America's Wealthy Millennials Are Flocking To...Traverse City, Michigan?!

Oct. 17, 2019

According to a new report compiled by Coldwell Banker Global Luxury and WealthEngine, the highest percentage of millionaires in the millennial age category are now found in Traverse City.

According to the report, millennial millionaires make up only 2 percent of all U.S. millionaires. “A Look at Wealth 2019 Millennial Millionaires” found that 44 percent of millennial millionaires live in California, but the zip code with the most  is actually here in Traverse City. “Millennials tend to prefer markets that are more affordable — often in suburbs or second-tier cities, where their dollar will carry them further,” the report said.

The report adds that luxury homes in Traverse City start at approximately $500,000 (according to the most recent data compiled by the Traverse Area Association of Realtors (TAAR), the median home sale price in Grand Traverse County is $265,000).

Here is a quote from Mike Schmidt, president of Traverse City-based Coldwell Banker Schmidt, noted, "We are proud to live and work in such a beautiful and vibrant area that is attracting such incredible national exposure through our Coldwell Banker real estate brand.”

The Coldwell Banker report was featured in this article on Fox Business. Read the original report in its entirety here.

Comment

This Local High Schooler Is Spending Her Summer At An Elite Naval Flight Academy

Read More >>

Past Cherry Royals: Where Are They Now?

Read More >>

TCBN: Recycling Leaders Drive Change in Petoskey

Read More >>

Traverse City Landmark Coming Down Soon

Read More >>

Hope Happens Here: Addiction Treatment Services At 50 Years

Read More >>

Something To Crow About: The Rooster To Debut In July

Read More >>

Memories Of Milliken’s: A Look Back At The Department Store That Built Front Street

Read More >>

A Few More Notices For Traverse City From National Media

Read More >>

Road Commission Eyes Beitner Bridge Replacement, River Parking Changes

Read More >>

Jody Lundquist Appointed To Fill NMC Board Vacancy

Read More >>

Why Did This Week’s Run Of 90-Plus Degree Weather Cause So Much Trouble In Traverse City?

Read More >>

East Bay Township Considers TIF District

Read More >>

NMC Announces Candidates For Board Vacancy, Will Appoint New Trustee Monday Night

Read More >>

Zoning Atlas Unveiled for Grand Traverse County

Read More >>