Yahoo Finance 7 Cities Rich Gen Zers Are Flocking To, According to Real Estate Agents
Did you know that Gen Zers have more wealth than other generations at their age? The average 25-year-old Gen Zer has a household income of over $40,000, which is 50% higher than Baby Boomers at the same age.
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Part of the flow of wealth can be attributed to social media, with 90% of Gen Z individuals between the ages of 18 and 24 using online platforms like TikTok, Instagram, and X. Having more wealth gives Gen Zers the ability to move to desirable locations. In this article, we’ll cover seven cities that rich Gen Zers are flocking to.
Also here are the top ten states Gen Z is moving to.
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Raleigh, North Carolina
Raleigh is another popular city for rich Gen Zers, especially with major college institutions like Duke University, the University of North Carolina at Chapel Hill, and North Carolina State University. Many Gen Z individuals who attend these universities decide to stick around and pursue postgraduate education or accept full-time employment positions. Additionally, Raleigh is a popular destination due to the growing job market, affordable cost of living, and a slew of outdoor activities, like kayaking and paddle boarding.
“Raleigh has emerged as a favorite for rich Gen Zs due to its rapidly growing technology industry, robust educational system, and standard of living,” says Johnny Austin, Founder and CEO of Sell My House Now. “There are many job openings for individuals in technology, healthcare, and education. This city strikes a perfect balance between southern charm and urban sophistication, creating an unmatched lifestyle with its multicultural cuisine scene, nightlife, and lots of cultural events.”
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Athens, Georgia
Athens is known for its vibrant nightlife, music, and food culture. Athens reported that 17.41% of the population in 2022 comprised Gen Z individuals. The combination of outdoor recreational activities, sports culture, and an up-and-coming tech industry add to the popularity of Athens among rich Gen Zers, not to mention the strong music presence the city offers, with popular bands, like R.E.M and The B-52’s, calling Athens home.
Boise, Idaho
Gen Zers are still young and active, which adds to the appeal of Boise. Boise is known as the City of Trees and offers a variety of outdoor activities, like hiking and biking. In addition, Boise has low crime rates, which is attractive for Gen Zers looking to start a family and set down roots. Even though rich Gen Zers aren’t concerned with pinching pennies, Boise is an affordable place to live and find new work opportunities.
“Boise is increasingly becoming a preferred destination for wealthy Gen Z’s who want to experience both outdoor adventure and grow their careers at the same time,” says Austin. “A combination of economic development and lifestyle attractiveness has put Boise among the best alternatives for rich Gen Z.”
Madison, Wisconsin
Madison makes the list of cities rich Gen Zers are flocking to because of its entrepreneurial culture. Research by the University of Madison found that Madison is in the top five list for software publishing job concentration and developer salaries. Many rich Gen Zers have made their fortune in untraditional ways rooted in entrepreneurial values. Surrounding themselves with like-minded individuals is appealing for Gen Zers looking to migrate to a new city.
“With affordable housing available as well as a strong sense of community, Madison offers a balanced, fulfilling lifestyle that draws affluent Gen Zers seeking both career opportunities and quality of life,” Austin added.
Boulder, Colorado
A 2022 study found that over 25,000 Gen Zers moved to Boulder in 2022. Boulder offers all of the outdoor activities associated with Colorado, like skiing and hiking, on a smaller scale than Denver. In addition, the median age in Boulder is 5.9 years younger than in Denver, making it appealing to a younger crowd. Many rich Gen Zers are also interested in culture, arts, and sustainability, all of which Boulder offers. Due to its small scale, Boulder is a sought-after destination, contributing to the cost of living being 17% more expensive than other cities in Colorado.
Provo, Utah
Provo probably doesn’t come to mind when you think of popular cities. Would you be surprised to learn that 27,523 Gen Zers moved to Provo in 2022? How about that 42.4% of Provo’s population is made up of Gen Zers? Provo taps into Gen Zers’ lifestyle dreams, such as proximity to national parks, mountains, and ski resorts. It also doesn’t hurt that Provo is conveniently located within driving distance of Salt Lake City, allowing Gen Zers to explore different areas.
Ann Arbor, Michigan
Gen Z places more emphasis on a slow lifestyle, taking the time to appreciate nature, culture, and values. It is no surprise that Ann Arbor was the top destination for rich Gen Zers in 2022, with 31,394 new Gen Z individuals calling it home. The city of Ann Arbor reported that 35.9% of the population comprises Gen Z individuals. Ann Arbor prioritizes creativity with unique retail offerings, globally inspired dining, and a growing tech sector.
The Bottom Line
Which of these cities caught your eye? Are you surprised that many of these cities have an affordable cost of living? Studies found that over half of Gen Zers have loud budgeting practices, which is the process of being transparent and aware of personal finance. It makes sense that rich Gen Zers would seek out cities with affordable cost of living factors that still offer the culture, recreational activities, and social aspects they crave.
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This article originally appeared on GOBankingRates.com: 7 Cities Rich Gen Zers Are Flocking To, According to Real Estate Agents
