The news headlines might be screaming about the mountain of debt and dire job prospects awaiting many members of the Millennial generation. But that’s only part of the picture. Like any other generation, Millennials also include many young bankers, lawyers and software developers making annual salaries in the six digits. Where should real estate investors and developers go to find members of this demographic? Our sister publication WealthManagement.com used an original blog post from Zillow.com to rank the top 12 cities for affluent Millennials.
Jersey City is near enough to New York to commute by train to Wall Street and home to banks and other high-paying employers, boosting 2.2 percent of Millennials who live there into an annual income of more than $350,000.
Median home value: $345,800
Median rent: $2,180
Across the bay from San Francisco, Oakland made the top 10, illustrating how wealth spreads from one city to the next. In Oakland, 2.6 percent of Millennials made more than $350,000.
Median home value: $586,800
Median rent: $2,707
Power resides in the nation’s capital, and so does money. Of Millennials there, 2.8 percent are bringing home more than $350,000 a year. That’s half the percentage of wealthy people aged 55-plus in Washington.
Median home value: $499,300
Median rent: $2,534
New York is home to opportunity for Millennials who flock there for the city’s finance industry. The country’s biggest job market—along with inherited wealth and old money—helped 2.8 percent of young people living there make more than $350,000 a year. It’s slightly more likely you’ll have that kind of money and still live in the city if you’re young than if you’re older than 55.
Median home value: $612,400
Median rent: $2,336
While it’s true that 2.9 percent of Millennials are making big money in Cambridge, thanks to tech and biotech jobs, they aren’t the only ones. About 7.7 percent of those 55 and older are making more than $350,000.
Median home value: $644,400
Median rent: $2,604
Few housing markets are as hot as in Denver, where an influx of energy, finance and tech jobs has attracted young people to high-paid positions. About 3 percent of them made more than $350,000.
Median home value: $331,100
Median rent: $1,942
Baby boomers are even more likely than Millennials to be rich in this haven for old L.A. money. Of Millennials there, 3.3 percent made more than $350,000.
Median home value: $714,300
Median rent: $2,619
Sunnyvale is a Silicon Valley hot spot, with a median home value of $1.3 million. Of its Millennials, 3.9 percent made more than $350,000.
Median home value: $1.14
Median rent: $3,877
Seattle is experiencing its own tech boom, with quickly rising rents and home values, and 3.9 percent of Millennials making more than $350,000.
Median home value: $533,000
Median rent: $2,364
This famous Orange County surf city is next door to high-paying asset management firms in Newport Beach, and just over 5 percent of Millennials who live there made more than $350,000.
Median home value: $733,200
Median rent: $2,902
San Francisco is synonymous with high-paying tech jobs and a tight housing supply, and 7.8 percent of the city’s Millennials make more than $350,000. On the flip side, the median rent is more than $4,500.
Median home value: $1.13 million
Median rent: $4,542
8.7 percent of Millennials in this D.C. suburb made more than $350,000—a bigger share than the percentage of people 55 and older making that kind of bank. (7.9 percent of those 55 and older made more than $350,000.)
Median home value: $607,100
Median rent: $2,690
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