Find out why millionaire millennials prefer Florida to live

El real estate market from the south of the Florida is one of the most productive in the United States, as many want to live here, in addition to the country's former millionaires who are moving to the Sunshine State, now the wealthy millennials.

MiamiDiario Newsroom

Florida is an ideal state for millionaire millennials since they can be done excellent businesses that increase your wealth and enjoy an ideal climate, those are some of the reasons why it is one of the five favorite states -for that generation- to live, he highlighted cbslocal.com.

People between the ages of 24 and 37 who have a net worth of more than one million dollars are considered millionaire millennials.

According to a 2019 study by Coldwell Banker Global Luxury and WealthEngine, there is ones 618.000 millennial millionaires in the United States, the 5% live in Florida, 44% are in California and 14% in New York.

Florida is seeing as a trend that those millionaire millennials they are leaving states like California and New York due to higher taxes and choosing the Sunshine State as an option, such is the case of Jeremy Gardner 28 years old, who changed San Francisco by Miami Beach.

When asked about the reasons for his move, Jeremy replied, “The weather here is great, night life, tax benefits are amazing. I mean you go from paying the most taxes in the country to the least by going here.”

Jeremy Gardner was known in the years 2017 and 2019 because he left his studies at the university to be the visible face of cryptocurrencies and turn millionaire before age 25.

If I had money in the stock market I'd be short it the S&P and Dow right now…
— Jeremy Gardner (@Disruptepreneur) February 26, 2020

Now the young tycoon has several business companies and is creating a men's skin care line.

The target

People who have the profile of Jeremy Gardner It is the one sought by real estate agents in Florida such as Nathan Zeder of the Jills Zeder group to acquire real estate in the Sunshine State, he explained. cbslocal.com.

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Zender commented, rich people used to come to this state in the winter time, "Now, they move to Florida, saving a significant portion of their income by not paying state income tax."

The most popular areas in South Florida for these young millionaires are: Coconut Grove, Coral Gables, Brickell, Downtown, Wynwood, Edgewater, and Miami Beach.

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Zeder explains that they prefer “Any property with a nearby urban nucleus”, in addition “The ability to walk is very important for this group.

According to the real estate agent, the good news about the presence of millionaire millennials in Florida is that moving here will not affect most people. The bad news is that housing prices will increase and the cost of life.

Zeder makes that reference based on a study conducted by Coldwell Banker in 2019 showing that by 2030, millennials will have 5 times more wealth than now. They will also inherit more than $68 trillion from their baby boomer parents in what is called the Great Wealth Transfer.

The conclusions of that study is that the problems of the millennial generation will be facing a university debt, a high cost of living and the challenge of finding well-paying jobs, however, that generation can become one of the richest groups in the history.