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Millennials are entering a financial landscape unlike anything they have experienced before. Unsurprisingly, this shift coincides with the much-ballyhooed Great Wealth Transfer, whereby somewhere around $124 trillion will be transferred to younger generations over the next 20 years. Advisors across the country are attempting to position their businesses to appeal as best they can to this upcoming generation of clients, but where to find them?
A recent report by digital estate planning provider Trust & Will evaluated 73 U.S. metropolitan areas using public datasets and a clear weighting scheme to track economic, wealth and real estate changes. When the metro indicators show strong economic momentum, rising incomes or real estate activity, millennials in those markets are likely entering life stages that benefit from strategic planning: home buying, liquidity, growth investing and eventual wealth transfer.
Austin, Texas comes in at No. 1 with strong showings in GDP growth and prime age employment to go along with millennials exceeding one quarter of the overall population.
North Carolina also put in a strong performance, placing two metro areas in the top 10. Raleigh came in at No. 2 and Charlotte at No. 8 despite neither truly excelling in any one metric. Instead, their appeal is rooted in a balanced economic base with steady wealth signals and an active building pipeline.
Here are the top 10 metro areas for potential Millennial wealth growth.
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