A SMALL TOW N I N MICHIGAN HOUSES THE UNITED S TAT E S ’ MOST MILLENNIAL MILLIONAIRES By Alyssa Mammano
Of the United States’ 618,000 millennial millionaires, most have settled on a zip code
The wide range of readily available entertainment, activities, dining and drinking
in a small town in Michigan four hours from Detroit, called Traverse City. Coldwell
lends itself to a manageable work-life balance that millennial millionaires are
Banker Global Luxury together with WealthEngine conducted a study to analyze the
attracted to. “It’s a small town where you’re never more than 10 minutes from a body
lifestyles of America’s wealthiest millennials: anyone age 23 to 37 with a net worth
of water, which makes it easy to get outside — whether it’s SUPing, boating, mountain
of $1 million or more. Of the top 10 zip codes researched in the study, 49685 was
biking or hiking,” says Shawn Schmidt Smith, associate broker/owner for Traverse
found to house the most millennial millionaires.
City-based Coldwell Banker Schmidt. “We’re a four-season town with amazing recreational opportunities year-round. On a Tuesday when you’re done with work,
Delving into the area of Traverse City and its surrounding communities, it’s easy to
you can be on the bay SUPing or in a river fly-fishing within 20 minutes.”
see why so many wealthy young professionals have flocked there. The community offers an abundance of recreational and cultural activities and a location along Lake
Luxury homes in Traverse City start at $500,000, and while California is the state
Michigan’s shoreline. There are several options for diverse dining and drinking
where most millennial millionaires have taken up residence – 44% to be exact – the
brought about by the city’s professional chefs trained at Northwestern Michigan
Traverse City zip code allows their dollar to stretch a bit further. High-end homes in
College. It’s also experiencing an uptick in start-up companies.
California typically start around $2 million, whereas the relatively more affordable market in Traverse City allows for homeowners to purchase a primary residence in
Four distinct seasons define Traverse City’s climate, typically ranging between 14 to
the city or a vacation property enabling visits to the area at their leisure.
81 degrees Fahrenheit from winter into the summer months. An array of seasonal activities keep tourists and locals entertained, from wine tasting or microbrewery
Many millennials who purchase homes in Traverse City have a connection to the
hopping in the fall, to a host of winter sports including skiing, snowboarding and
area, whether their families own property there or vacationed there throughout their
snowshoeing through the national park. In the warmer months, there are 16
childhoods. When it came time to settle on a city to call home, it only made sense
championship golf courses to try out, marathons to run and festivals to attend.
to return. Alternatively, Smith speaks to the “adventurous spirit” of the millennial
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