South Florida’s real estate market is a hot commodity and it is making people rich, especially millennials. Florida ranks in the top five states for “millennial millionaires,” people between the ages of 24 and 37 with a net worth of more than a million dollars.
There are approximately 618,000 millennial millionaires in the United States. According to a 2019 report from Coldwell Banker Global Luxury and WealthEngine, 5% of millennial millionaires live in the Sunshine State. About 44% are in California and 14% in New York.
Florida is seeing a trend of those millennial millionaires leaving high-tax states like California and New York. Jeremy Gardner, 28, is one of those, leaving San Francisco for Miami Beach.