There is a lot to be said about millennials who are scraping by to save up for a down-payment on their first home. They are still suffering from the Great Recession and, although they were told that a college education is a way to go, some are finding it difficult to find a job.
However, there are some people in the 22 to 34 age group who are doing well for themselves. Maybe they are lobbyists up on Capitol Hill, maybe they hit it big by releasing an awesome app that is taking the world by storm—who knows. Whatever the case, they are living in cities (or near) that have made it easy to reach high-paying professional careers.
Here’s a list of cities where millennial homeowners have made more than $350,000 a year.
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: $1,130,400 Median rent: $4,542
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
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
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. And that’s half the percentage of wealthy people aged 55-plus in Washington. Median home value: $499,300 Median rent: $2,534
New York, NY
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
Jersey City, N.J
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
Few housing markets are as hot as in Denver, where an influx of energy, finance, and tech jobs have 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