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.”