Millionaire Millennials & Where They Are Spending Their Money

Millennial Millionaires

It is a trend among Millennials to put off major life events such as getting married and purchasing a home until later in life. As reported on by the Millionaire Corner, the real estate market trend for Millennial Women is that they are starting to put home ownership on the top of their to-do list this year.

Among Gen Y, the job market has tightened up and student loan debt has forced many of the Millennials to move back home or delay major life events. Some of the life events is purchasing a home, getting married and having children. This trend has been evident in the increasing age of first time parents. However, with the Millennial Millionaire crowd, this is not the case.

The distribution of assets for Millennials worth over 1 million dollars include 15% in real estate and 12% in insurance and annuities. They are holding over 60% of their wealth in privately held businesses and investable assets, this makes the Millennial generation much more liquid than Gen X or the Baby Boomers.

 

Millennial Distribution of Assets

 

Some fun facts about Gen Y’s real estate trends:

1) 1/4 of first time home buyers are women

2) More women are living at home than men

3) Men spend 10% of their income on housing compared to 25% for women

While the aggregate income has risen 10%, Millennial incomes have stayed flat. Women have become the primary breadwinner in 60% of unmarried households, how do you think that this will change the dynamics of how money is spent with Gen Y moving forward?

About Joel Goldstein

Joel Goldstein is an International best-selling author and noted expert on Millennial leadership. Joel helps businesses reach their potential through leadership training and streamlining business strategies.