Cambridge has among the highest percentages of rich millennial households in the country
As the tech field continues to grow in Kendall Square and throughout the rest of Cambridge, so has the wealth of the industry’s young workers.
In a recent Zillow report, the home buying site ranked Cambridge No. 7 on a list of cities where rich millennials live. The report found 2.9 percent of millennial households, defined as those households with a head aged 34 or younger, make more than $350,000 per year.
Zillow attributes much of this wealth to the bevy of tech and biotech jobs available in the area and to a high concentration of recent graduates from schools like Harvard and the Massachusetts Institute of Technology.
Boston ranked No. 13 on the list, as 1.9 percent of millennials make more than $350,000.
It may not be surprising then, given these high salaries, that more millennials in Boston are trying to get mortgages than in any other city.
According to a new LendingTree study, 52.5 percent of mortgage requests in Boston come from millennials — the highest percentage of any city in the U.S.
“The under-35 crowd had been, for some years, hesitant to enter the housing market, but we’re seeing that start to shift,” said Doug Lebda, CEO of LendingTree, told Builder Online. “The data all points to the fact that millennials are increasingly eager to own rather than rent, and even the incredibly high real estate prices in some markets don’t necessarily deter them.”
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