TRAVERSE CITY — Forget Beverly Hills’ 90210. The hot ZIP Code right now is Traverse City’s 49685.
That mail delivery code is listed as the No. 1 home of millennial millionaires in a report just released by the Coldwell Banker Global Luxury program and business development service WealthEngine.
More millennial millionaires live within the 49685 ZIP code delivery area than in any other U.S. ZIP code, according to figures derived from the WealthEngine database.
That database includes 244 million U.S. adults. WealthEngine aggregates more than 45 data sources to generate individual profiles for most of the adult U.S. population. The data says there are 618,000 millennial millionaires in the U.S.
Millennial millionaires account for about 2 percent of the total U.S. millionaire population, and only about 0.2 percent of the general U.S. population, the report states.
The study defines millennials as people born between 1981 and 1996, who now are ages 23 to 37. It defines a millionaire as anyone with a net worth of $1 million or more.
The 49685 ZIP code includes both P.O. boxes and street delivery addresses, a worker at Traverse City’s main Post Office on Union Street said.
Website ZIP-Codes.com shows that the 49685 delivery area includes a wide swath of territory that surrounds Long Lake, Silver Lake and Chum’s Corner.
The Coldwell Banker Global Luxury report, titled “A Look at Wealth — Millionaire Millennials,” states that 44 percent of U.S. millennial millionaires declare California as their home base. California is home to the majority of millionaires of any age, according to the report.
The rest of the top 10 states by percentage are: New York at 14 percent; Florida, Massachusetts and Texas at 5 percent; Washington and New Jersey at 4 percent; Virginia and Illinois at 3 percent; and Maryland at 2 percent. Michigan is not in that top 10 list.
The report’s eye-opening information, though, is that Traverse City’s 49685 ZIP code is home to more millennial millionaires than any other ZIP code. The report does not disclose the number of millionaire millennials who live in each ZIP code.
The other top 10 ZIP Codes are: No. 2 94539 in Freemont, California; No. 3 95014 in Cupertino, California; 95120 in New Almaden/Englishtown/Twin Creeks, California; 95124 in San Jose/Cambrian Park, California; 94087 in Sunnyvale/Cupertino, California; 95125 in San Jose; 94010 in Burlingame/Hillsborough/San Mateo, California; 20854 in Potomac, Maryland; and No. 10 90275 in Rancho Palos Verdes/Rolling Hills Estates, California.
“It’s obviously been great in terms of business,” said Shawn Schmidt Smith, associate broker at Coldwell Banker Schmidt in Traverse City.
She said the Traverse City area’s schools, recreational opportunities and healthcare resources probably contribute to the influx of young millionaires. Many, she said, may be looking for a community they can enjoy both now and as they age toward and into retirement.
“When people are looking for a place to spend money, it’s nice to find a spot where you can live forever,” Smith said.
The report shows that 93 percent of U.S. millennial millionaires have a net worth between $1 million and $2.49 million. About 45 percent of U.S. millennial millionaires are between the ages of 34 and 37, according to the report.