Millennials who have managed to make a substantial amount of money and move out of their parents’ houses cluster in affluent cities across the country, according to Zillow.com, a web-based resource on the housing market.
Much has been written about the fact that more millenials are stuck at home with their parents than was true for other generations, but that is not the case for the entire demographic of people age 22 to 34, says Zillow. Some have found well-paying jobs in the tech industries, and others are building wealth in older job markets.
Zillow ranked the top 12 cities where a significant proportion of the millennials make more than $350,000 a year. Following are the cities listed in reverse order, including two ties, along with the percentage of millennials who make more than $350,000 a year.
No. 10: Jersey City, N.J., 2.2 percent
Jersey City is within commuting distance of Wall Street and also is home to banks and other high-paying employers.
No. 9: Oakland, Calif., 2.6 percent
Oakland’s location across the bay from San Francisco boosted it to the top 10.
No. 8: New York, NY., 2.8 percent
New York is home to a large portion of the country’s finance industry, as well as a lot of inherited wealth.
No. 8: Washington, D.C., 2.8 percent
Money and power both reside in the nation’s capital.
No. 7: Cambridge, Mass., 2.9 percent
Millennials are cashing in on the tech and biotech jobs here.
No. 6: Denver, Colo., 3 percent
Denver is home to well-paying energy, finance and tech jobs.
No. 5: Pasadena, Calif. 3.3 percent
Pasadena is a haven for old California money as well as good jobs.
No. 4.: Sunnyvale, Calif. 3.9 percent
This is a Silicon Valley hot spot.
No. 4.: Seattle, Wash. 3.9 percent
Seattle is experiencing its own tech boom.
No. 3: Huntington Beach, Calif. 5 percent
This famous Orange County surf city is next door to high-paying asset-management firms in Newport Beach.
No. 2: San Francisco. Calif. 7.8 percent
San Francisco is synonymous with high-paying tech jobs.
No. 1: Arlington, Va., 8.7 percent
Arlington’s proximity to Washington, D.C., makes it a hub for the young and wealthy.