
A new study analyzed hundreds of cities to determine the best cities in America for the “young and wealthy.” The personal financing website analyzed which cities attracted young professionals with a minimum household income of $150,000. It turns out that these young professionals are prioritizing, space, safety, and savings over the illustrious cities one would expect them to gravitate towards.
The study analyzed key factors across various cities to determine where the young and “the wealthy,” would thrive. “Wealthy,” in this instance, is defined as those with a minimum household income of $150,000, according to GoBankingRates’ study.
Other factors considered include:
- Livability index
- Quality of life
- Age range of 25-44
- Income
- Crime statistics
Data was sourced from the U.S. Census, FBI Crime Data Explorer, Zillow, and more.
The study determined Cambridge, Massachusetts to be America’s best city for young, wealthy people. GoBankingRates notes:
Cambridge, Massachusetts, ranked as the best city for the young and wealthy to live in. Just over 40% of the population are ages 25 to 44 and 63% of 25-44 households have income of $150,000 or more.
Cambridge outperformed Boston which came in at number 5 on the list. Here is the data for Cambridge/Boston side by side:
- % of population ages 25-44: 40.2% Cambridge/36.3% Boston
- Households age 25-44 earning 150K+: 29.10% Cambridge/21.00% Boston
- % of 25-44 households with $150K+ income: 63.0% Cambridge/55.7% Boston
- Household median income: $121, 539 Cambridge/$89,212 Boston
- Livability Score: 86 Cambridge/77 Boston
- Property crime per 1,000: 23.9 Cambridge/19.4 Boston
- Violent crime rate per 1,000: 4.8 Cambridge/6.3 Boston
Not far behind Boston is Quincy, Massachusetts at number 13 on the list, followed by Providence, Rhode Island (20), Stamford, Connecticut (23), and New Haven, Connecticut (32). New Hampshire, Vermont, and Maine did not make the list.
The top 10 cities in America for the ‘young and wealthy:’
- Cambridge, Massachusetts
- Jersey City, New Jersey
- Santa Clara, California
- Hillsboro, Oregon
- Boston, Massachusetts
- Sandy Springs. Georgia
- Rochester, Minnesota
- Austin, Texas
- Seattle, Washington
- Sunnyvale, California
Living in Cambridge or Boston comes with an average rent price of $3,300, among the highest in the country. Still, the study underscores a shifting trend among young, high-earning professionals who are strategically choosing cities that offer a balance of economic opportunity, quality of life, and financial potential.