According to SmartAsset, the state from where the most rich Millennials are leaving is New York. New York lost a net 5,533 rich Millennials from 2017 to 2018. Recent anecdotal evidence is reinforcing this trend, with adjacent regions surrounding the New York City metropolitan area continuing to experience a surge in demand.
The report analyzed data available from the IRS, which tracked the number of rich Millennials moving into each state and the number of Millennials who moved out of each state from 2017 to 2018. This report did not reflect the COVID-19 exodus from densely populated urban areas. The wealthy Millennial category was defined as adults younger than 35 with at least $100,000 in adjusted gross income.
From the marketing perspective of a real estate agent, Millennials are more likely to move than other generations.
The Trend Begins
But now, viruses and personal safety are some of the biggest factors causing wealthy Millennials to move, especially to 10 states, one of which is New Jersey.
A significant number of wealthy Millennials appear to be moving to the Pacific Northwest, primarily Washington State. Colorado, Texas, Florida and North Carolina take positions two through five, respectively.
Surprisingly, the SmartAsset survey did find that New Jersey appeared to be sixth on the list, and this was back in 2018. From the most recent New Jersey Realtor data from June 2020, listings for the state plummeted by 45% to just 23,514 – a 3.4 month supply. Southern Jersey Shore comes in as the second most popular place to buy a vacation rental. But the most popular region to buy a vacation rental home was in the Florida Panhandle; the Poconos came in third place. https://bit.ly/30KCY5D
Since the pandemic hit back in early March, there has been a ‘march’ of buyers, companies and renters looking for space outside of the densely populated boroughs of New York City. In fact, the city reported a record number of apartments, 10,000 available for rent recently. The Counsellors Title blog cited recently, “Over 10,000 apartments were listed as available in June according to a report on CNBC. This represents an increase of 85% over June 2019, based upon the numbers from Miller Samuel and Douglas Elliman. Currently, the vacancy rate hit a record 3.67% but is believed to be much higher.” https://bit.ly/2ZWVvwg
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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