March 16, 2017
High-income millennials use their buying power on luxury homes
A surprisingly high number of millennials around the country and in the Washington region earn a high enough income to afford a $1 million residence. According to research by Zillow, Arlington has more millennials with a household income of $350,000 or more than any other jurisdiction in the country, with 8.7 percent of millennials among that wealthy cohort.
The District is also on the list, tied at eighth place with New York City, both places where 2.8 percent of millennials have a household income of $350,000 or more.
“Most of the millennials we see who have the money to buy a $1 million home are households with two lawyers,” said Daryl Judy, an associate broker with Washington Fine Properties. “Some also work for tech companies or are associated with bio-tech research. A surprising number of people in their early 30s that we’ve worked with are taking over their parents’ businesses.”