Cambridge, Massachusetts, best known as the brainy backyard of Harvard University and MIT, has been crowned the top destination for young, wealthy professionals looking to escape the chaos of big cities, according to a new report by GOBankingRates.
Forget Manhattan’s skyline or LA’s beaches — this study reveals that young high earners now prioritize safety, livability and a chance to grow their wealth.
Cambridge, with its historic charm, cultural vibrancy and proximity to Boston, ticks all the right boxes.
Known for its low crime rates, vibrant culture, and enviable location just across the Charles River from Boston, Cambridge boasts a population where 63% of households rake in $150,000 or more. It all basks in the shadow of beautiful Harvard University. wolterke – stock.adobe.comMore than 40% of Cambridge’s residents are between 25 and 44 years old, and more than half of those households earn at least $150,000 annually — the income threshold deemed “wealthy” by the study.
The city also boasts a stellar 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, said in a separate report that the region’s success is due to its appeal for high-paying industries.
With a livability score of 86 out of 100, it’s a magnet for affluent professionals chasing the good life. THANANIT – stock.adobe.com“The region is an education hub, home to many top universities, and as a result, attracts workers in high-paying knowledge industries like technology and research,” she said.
Runner-up spots for young and affluent 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.
Jersey City, New Jersey, and Santa Clara, California, claimed the second and third spots. Bumble Dee – stock.adobe.com
Other hotspots like Austin, Texas, and Hillsboro, Oregon, rounded out the top 10. Anna Photography – stock.adobe.comTexas, 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.
Meanwhile, Springfield has become the country’s hottest housing market, with homes flying off the market in just 37 days — nearly half the national average. Wangkun Jia – stock.adobe.comHomes in Springfield are attracting three times the national average in views and selling in just 37 days — well below the 62-day national average.
“One of the reasons that markets around Boston have done so well is the success of Boston itself,” Hale said.
