Wealthy Millennials Are Flocking to Arlington, VA
There’s been plenty of reports about how millennials are increasingly flocking to the cheaper suburbs or are even moving back home. But in Washington D.C., millennials are bucking this trend by buying luxury homes, some of which are in the ‘burbs—but not because these home-buyers lack income.
The Washington Post reported research by Zillow that says Arlington, is home to more millennials with a household income of $350,000 or more than any other jurisdiction in the country. Washington D.C., where 2.8 percent of millennials are bringing home more than $350,000 a year, ranked No. 8 on Zillow’s ranking. The District tied with New York City for the No. 8 spot.
These millennials are skipping “starter homes” and buying luxury homes in and outside the D.C. area. A real estate expert quoted in the Washington Post report says, in many cases, they’re not using their parents money (contrary to previous reports). However, these buyers often get help from parents, or use gifts or inheritances, to come up with the down payment.
Why so rich? Many millennials in the D.C. area work as lawyers, in tech, or in biotech research. Like the children of D.C.’s most famous resident, some millennials are taking over their parents’ businesses.