New Trends in Wealthy Young Professionals’ Preferences
It seems that young, successful Americans are shifting their sights away from Silicon Valley, opting instead for areas in the Northeast. This is according to a recent study.
A survey by GOBankingRates examined affluent neighborhoods with a significant population of residents in their 30s and 40s. Interestingly, five out of the top ten locations turned out to be commuter towns for New York City.
The study relied on metrics such as median age, household income, and the cost of homes to make its assessments, sourcing data from the census reporter.
Among these, Short Hills, New Jersey, stood out as the only entry from the Garden State.
This town has a median age of 40.9 years, a household income reaching $250,000, and housing prices averaging around $1.6 million. Nestled in Millburn, Essex County, it’s conveniently located just a 40-minute drive from midtown Manhattan, making it a prime spot for young families and professionals.
Additionally, four boroughs from New York made the list. Munsey Park, Laurel Hollow, Scarsdale, and Chappaqua in Westchester are all noted for their young, affluent residents.
Now, Chappaqua may immediately bring to mind residents like Bill and Hillary Clinton, who are, well, not in their thirties anymore. But the average age of people living there is around 45.8 years. The numbers are quite impressive, too—the median household income is $220,139, with home prices averaging $740,300.
Two neighborhoods from Houston, Southside Place and West University Place, also made the cut, along with Winnetka, a suburb of Chicago. It’s worth noting that California suburbs like Ladera Ranch and Camino Tassajara appear on the list as well, though neither is in Silicon Valley. This could certainly be a bit of a setback for the tech community, known for its wealth of young innovators.
Ultimately, these findings suggest a notable trend as affluent young professionals seek out lifestyle and community in areas that offer both opportunity and charm, rather than strictly sticking to traditional tech hubs.
