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April 27, 2016 at 12:15 AM
You can spot many wealthy young adults, or millennials, in the hilly concrete jungle that is San Francisco.
Millennials continue to flock to The Golden Gate City thanks to the promise of prosperity, work-life balance, healthy living, amazing local culture and great salaries.
But San Francisco isn’t the country’s only hotbed of millenial affluence. It just so happens that Arlington, Va. is the city with the biggest concentration of the wealthiest millennials, according to Zillow. Its “Young and Rich” list tracks the cities nationwide with the most rich millennials — or people age 22 to 34 whose household earnings are at least $350,000 a year.
Based on this list, you can deduce that the financial and technology sectors are the industries where millennials tend to get paid the most.
The list also uncovers another interesting trend: Cities that are hubs for the tech or financial industries, and those that are suburbs of other, larger urban centers, are where most of these wealthy millennials reside. In some of these cities, millennial wealth easily surpasses that of baby boomers.
So if you thought it might be easier to spot a unicorn than a rich millennial, read on to find out where wealthy young adults are likely to outnumber affluent baby boomers.
Cities with millennial households earning at least $350,000 a year:
No. 7: Denver, Colo.
Percentage of wealthy millennials: 3%
Even though Denver ranked No. 7 on the overall “Young and Rich” list, the Mile High City didn’t have a place on the list where the richest millennials outnumber rich boomers. However, Denver does attract a good portion of wealthy millennials due to the fact that a number of software companies that pay high salaries to young workers are located there.
No. 6: Pasadena, Calif.
Percentage of wealthy millennials: 3.3%
According to the original list on Zillow, boomers are more likely than millennials to be rich in this “haven for old L.A. money.”
