Top 10 Cities for Wealthy Millennials
Mention Millennials, and the first thing many tend to picture is a young adult who has ‘failed to launch’.
While it is true that many are still living at home with parents — perhaps saving for a down payment — new research from Zillow has found that highest paid Millennials are flocking to cities.
This fact may not come as much a surprise given the cohort’s penchant for 24/7 urban core amenities. But you will probably be surprised that Arlington, Va., is home to the greatest concentration of Millennials households earning more than $350,000 a year.
But as Cory Hopkins, managing editor at Zillow points out, our nation’s capital is just a wealthier market over all.
“Arlington was also home to the highest concentration of rich Baby Boomers, with 7.9 percent of all Boomer households earning $350,000 per year or more. The city of Washington, D.C., itself was third on the list of cities with the highest concentration of wealthy Boomers (6.1 percent of Boomer households in the nation’s capital earn more than $350,000 per year). The District of Columbia ranked ninth on the list of cities with the highest share of rich millennial households (2.8 percent).”
The full list of Top 10 locations for high-earning Millennials households is below.
Tech hubs, with their high-paying jobs, are well represented on the list. We can assume that wealthy Millennials in New York City (and ferry commuters across the Hudson in Jersey City, N.J) are well represented in the finance industry.