Rich Millennials are clustered in cities where there are lots of high-paying professional jobs.
Not all Millennials are marking time in their parents’ homes, or opting to rent as they save for a down payment. Not all are coddled, self-entitled slackers, as the media is wont to portray them, There are many young adults who, defying the stereotypes, are doing quite well for themselves and have parlayed lucrative careers into home ownership. Real estate website Zillow located the cities where Millennials earning more than $350,000 annually live. This income level, Fortune magazine reports would place these high-earning Millennials among the top 1 percent of earners, compared with the $38,636 median income of young adults 25-34 who work full-time.
The cities populated by wealthy Millennials are, not surprisingly, rich with high-paying professional jobs. “Whether they made their money lobbying lawmakers in the Capitol or cashed in on a tech IPO, rich Millennials are clustered in cities where there are lots of high-paying professional jobs, Zillow notes. “Tech-hubs made the list, but young people are doing well in older job markets, too.”
Arlington, VA, where the median home value is $607,100 and the median rent is $2,690, tops the list of where wealthy Millennials live. Nearly 9 percent of young adults in this DC suburb made more than $350,000, which is a larger share than the percentage of Baby Boomers and older earning that salary.
San Francisco, home to high-paying tech jobs (and an exceedingly tight housing supply), is second on the list. The median home value in the City by the Bay is $1,130,400 and the median rent $4,543, according to Zillow. Roughly 8 percent of the city’s Millennials have crossed the $350,000 annual salary benchmark.
Rounding out the top five are:
Huntington Beach, CA (median home value $733,200/median rent: $2,902): This Orange County city neighbors Newport Beach and its asset-management firms. Just over 5 percent of Millennials make more than $350,000.
Sunnyvale CA/Seattle, WA: A tie between the Silicon Valley hot spot (median home value: $1.1376/median rent: $3,877) and Seattle, which is experiencing its own tech boom, Zillow observes. The median home value there is $533,000/median rent: $2,364).
Pasadena, CA: It’s not just for little old ladies anymore. Of the Millennials who live there, 3.3 percent make more than $350,000. The median home value is $533,000/median rent: $2,364.
Zillow also identified the cities where rich Millennials outnumber rich Baby Boomers. Four of the top five are in California:
Jersey City, N.J.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.