Wealthy and millennials aren’t two terms generally used together. Few of these people in the 22-to-34 bracket are buying homes and the ones that do look for locations with lower-than-average home prices and plenty of job opportunities.
But some millennials are doing quite nicely, thank you. Zillow looked at millennials who earn more than $350,000 a year and saw where they live, whether as renters or home owners.
According to at least one income calculator, that income would place you in the top 1% of earners. A little more detail shows that $350,000 would be a 2nd percentile for men and for Asians. Compare that to the $38,636 median income of people 25 to 34 who work full-time.
Very well, indeed. Note to Mom and Dad: you can have that spare room back.
So where are these young one-percenters living?
According to Zillow, the #1 city — meaning the city with the most millennials with income of $350,000 or more — is Arlington, Virginia, near Washington, D.C., home of lobbyists and lawyers. That edges out tech-heavy San Francisco.
“Whether they made their money lobbying lawmakers at the Capitol or cashed in on a tech IPO, rich millennials are clustered in cities where there are lots of high-paying professional jobs,” reads a post on Zillow’s Porchlight blog. “Tech hubs made the list, but young people are doing well in older job markets, too.”
See the list below.
1. Arlington, Virginia
Percentage of millennial residents who are wealthy: 8.7
Median home value: $607,100
Median rent: $2,690
2. San Francisco, California
Percentage of millennial residents who are wealthy: 7.8
Median home value: $1,130,400
Median rent: $4,542
3. Huntington Beach, California
Percentage of millennial residents who are wealthy: 5.1
Median home value: $733,200
Median rent: $2,902
4. Sunnyvale, California
Percentage of millennial residents who are wealthy: 3.9
Median home value: $1,137,600
Median rent: $3,877
5. Seattle, Washington
Percentage of millennial residents who are wealthy: 3.9
Median home value: $533,000
Median rent: $2,364
6. Pasadena, California
Percentage of millennial residents who are wealthy: 3.3
Median home value: $714,300
Median rent: $2,619
7. Denver, Colorado
Percentage of millennial residents who are wealthy: 3.0
Median home value: $331,100
Median rent: $1,942
8. Cambridge, Massachusetts
Percentage of millennial residents who are wealthy: 2.9
Median home value: $644,400
Median rent: $2,604
9. Washington, D.C.
Percentage of millennial residents who are wealthy: 2.8
Median home value: $499,300
Median rent: $2,534
10. New York City, New York
Percentage of millennial residents who are wealthy: 2.8
Median home value: $612,400
Median rent: $2,336
11. Oakland, California
Percentage of millennial residents who are wealthy: 2.6
Median home value: $586,800
Median rent: $2,707
12. Jersey City, New Jersey
Percentage of millennial residents who are wealthy: 2.2
Median home value: $345,800
Median rent: $2,180