Culture

The beachfront vacation spot, the fastest growing retirement city in America

December, 25, 2024-04:17

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The beachfront vacation spot in America:

Cambridge, Massachusetts, which is home to Harvard University, has been named the top place for the young and wealthy to live.
That is according to fresh insights released this month by GO Banking Rates. Traditionally, major cities like New York City and Los Angeles have been associated with young Americans with money to spend. But this demographic is now prioritizing living in safe metros where they can earn upwards of $150,000 a year and continue growing their wealth, according to the study.
Cambridge took the top spot due to its livability and low crime rates.   

                       Just over 40 percent of the population are aged between 25 and 44, and 63 percent of these households have an income of $150,000 or more - the income threshold the study deemed 'wealthy.' The second best place for the young and wealthy to live was Jersey City, New Jersey, according to GO Banking Rates, and Santa Clara, California, came in third place. Rounding out the top 10 best places was Hillsboro, Oregon, Boston, Massachusetts, Sandy Springs, Georgia, Rochester, Minnesota, Austin, Texas, Seattle, Washington, and Sunnyvale, California.

                Despite Myrtle Beach being a hotspot for retirees - many of whom are on a fixed income - Americans are increasingly spending more money to buy a home in the area. In 2023, the average sale price of a home in the South Carolina city was around $334,000. This was up from around $326,000 in 2022, and $268,000 the year prior.