Cambridge, Massachusetts, best known as the brainchild of Harvard University and MIT, has been crowned the top destination for young, affluent professionals looking to escape the chaos of big cities, according to a new report from GOBankingRates.
Forget the Manhattan skyline or LA beaches—this study finds that young high-income earners now prioritize security, livability and the opportunity to grow their wealth.
Cambridge, with its historic charm, cultural vibrancy and proximity to Boston, ticks all the right boxes.
More than 40% of Cambridge residents are between the ages of 25 and 44, and more than half of those households earn at least $150,000 a year — the income threshold considered “wealthy” by the study.
The city also boasts an excellent livability score of 86 out of 100, driven by low crime rates and its easy access to Boston’s booming job market.
Danielle Hale, chief economist at Realtor.com, told the Daily Mail that the region’s success is due to its attraction to high-paying industries.
“The region is an educational hub, home to many top universities, and as a result, attracts workers in high-paying knowledge industries such as technology and research,” she said.
Second place for young and wealthy professionals went to Jersey City, New Jersey and Santa Clara, California.
Rounding out the top 10 were Hillsboro, Oregon; Sandy Springs, Georgia; and Sunnyvale, California.
Texas, however, dominated the broader top 50 list, with cities like Austin, Dallas and Irving attracting high earners eager to stake their claim in the Lone Star State.
But Cambridge isn’t the only Massachusetts city on top.
Springfield, just 90 minutes west of Boston, has become the hottest real estate market in the US, according to Realtor.com.
Homes in Springfield are attracting three times the national average in viewings and selling in just 37 days – well below the national average of 62 days.
“One of the reasons the markets around Boston have done so well is the success of Boston itself,” Hale told the media.
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