According to , millennials are driving a trend of young, who break the mold of the traditional trust fund baby. Instead of relying on inherited wealth and old money, rich millennials are much more likely to have earned, hustled and saved their way to wealth than the young millionaires of previous generations. And, their unique needs and wants are leading many of them to settle down in the same handful of states.
GOBankingRates spoke with two real estate pros, one who outlined what drives affluent millennials to the states they’re disproportionately flocking to, and another who revealed . Earning passive income doesn't need to be difficult. Like everyone else, millennials are individuals who base major decisions like moving out of state on their own unique life circumstances — but those circumstances tend to revolve around the same core concerns.
“One major factor that attracts wealthy millennials to a particular state is the availability of job opportunities,” said Mary Sullivan, founder of . “As a generation that values career growth and advancement, they are often drawn to states with strong economies and thriving job markets.” They also care about affordable housing, even if they have the cash to splurge.
“Contrary to popular belief, wealthy millennials aren’t always looking for luxurious mansions or high-end properties,” said Sullivan. “Many are actually seeking more affordable housing options, especially in comparison to other major cities where real .