Florida was named one of the the top five states for ‘millennial millionaires’, aged 24 through 37 with a net worth of more than a million dollars.

Thanks to South Florida’s booming real estate market, “millennial millionaires” are claiming net worths in excess of over a million dollars.

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According to Miami CBS Local, there are around 618,000 millennial millionaires in the United States with about 5% of them currently in Florida. The state is experiencing a reverse migration as young entrepreneurs from big cities like San Francisco and New York are fleeing pricer metropolitan areas for more affordable southern cities like Coconut Grove, Coral Gables, Wynwood and Miami Beach.

Jeremy Gardener, the 28-year-old millionaire who made his money with cryptocurrency, affirmed “The weather here is great, the nightlife, the tax benefits are amazing. I mean you go from paying the most in taxes in the country to the least by going here.”

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He’s not alone. Realtor Nathan Zeder with the Jills Zeder Group, noted that the influx of young millionaires to Florida makes sense.

“The big changes were before, domestically, we’d see people come down here for winter,” said Zeder. “Now, [wealthy people] move to Florida, saving a significant part of their income by not paying state income tax.”

With millennials in place to be the largest generation since the baby boomers, their ability to accumulate wealth will play a major role in shaping the real estate landscape of Florida. Still, with less that 1% of all millennials claiming millionaire status, any big changes to the current system are a long ways off.

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