America has experienced a colossal shift in wealth distribution by age since the onset of the pandemic. In the last four years, the wealth of young Americans has grown about 50%, according to CNBC.
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With abundant opportunities in the tech industry, young professionals have built massive fortunes at a faster pace than it took previous generations, such as boomers, to grow at the same age. Some examples of wealthy millennials include billionaires such as Meta’s Mark Zuckerberg, TikTok founder Zhang Yiming, and the CEO and co-founder of Airbnb, Brian Chesky.
Another major shift that’s occurring due to a hybrid and remote workforce is migration from the city to the suburbs, as many millennials have moved out of crowded apartments to suburban towns in search of more square footage and a backyard as they begin to grow families. Curious where they’re moving to?
Four of the youngest, wealthiest suburbs are located in Westchester County, New York, while one suburb is located in Essex County, New Jersey — all within commutable distances to New York City. Other suburban areas attracting young, wealthy professionals included the suburbs of Houston, Los Angeles, San Francisco and Chicago.
Here are America’s youngest, wealthiest suburbs.
Short Hills, New Jersey
- Median age: 40.9
- Median household income: $250,001
- Median value of owner-occupied housing units: $1,621,200
- Suburb of: NYC
Munsey Park, New York
- Median age: 40.5
- Median household income: $250,001
- Median value of owner-occupied housing units: $1,955,200
- Suburb of: NYC
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Chappaqua, New York
- Median age: 45.8
- Median household income: $220,139
- Median value of owner-occupied housing units: $740,300
- Suburb of: NYC
Laurel Hollow, New York
- Median age: 43.1
- Median household income: $250,001
- Median value of owner-occupied housing units: $1,524,700
- Suburb of: NYC
Scarsdale, New York
- Median age: 41.4
- Median household income: $250,001
- Median value of owner-occupied housing units: $1,703,800
- Suburb of: NYC
Southside Place, Texas
- Median age: 40.2
- Median household income: $193,021
- Median value of owner-occupied housing units: $1,702,600
- Suburb of: Houston
Camino Tassajara, California
- Median age: 42.2
- Median household income: $250,001
- Median value of owner-occupied housing units: $2,000,001
- Suburb of: San Francisco/Oakland
West University Place, Texas
- Median age: 42.2
- Median household income: $250,001
- Median value of owner-occupied housing units: $1,406,600
- Suburb of: Houston
Ladera Ranch, California
- Median age: 35.3
- Median household income: $184,257
- Median value of owner-occupied housing units: $1,046,600
- Suburb of: Orange County/Los Angeles
Winnetka, Illinois
- Median age: 42.4
- Median household income: $250,001
- Median value of owner-occupied housing units: $1,206,300
- Suburb of: Chicago
Note: We based our research on data of median ages, household incomes and value of owner-occupied housing units obtained from the Census Reporter, which reports a margin of error of at least 10% of the total value.
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This article originally appeared on GOBankingRates.com: America’s Youngest Wealthiest Suburbs
