Where the Wealthy Prefer to Live in the United States
Wealth of high net worth individuals (HNWIs), those with at least $1 million in investible assets, rose more than $1 trillion between 2013 and 2014, stated a report from Capgemini. The number of HNWIs in the country also expanded to 4.4 million, an increase of 8.6 per cent.
Investing in an estate that they are proud to call home is important to these individuals, and a large majority of them have found exactly what they are looking for in twelve cities across the U.S.
1. New York City
The city that never sleeps is the most popular city for HNWIs. It has also developed a reputation for being a safe haven for foreign investors due to its relative liquidity, easy accessibility, and stable prices. Luxury real estate is much more affordable here than it is in London or Hong Kong, reported Forbes.
2. Los Angeles
L.A. is home to the world’s most expensive homes, which attracts celebrates, athletes and other HNWIs. Real estate sales in the area are stronger than ever, and average selling prices have actually been pushed down to between three to five million.
A slightly quieter, yet equally beautiful Chicago ranked third for HNWIs. New and totally renovated luxury single-family homes are going fast. There are several neighbourhoods that have high walkability scores, diverse retail, parks and great schools for families with kids, and because so many new residences are going up, homeowners can ensure their property reflects their dream home.
In descending order, Washington, San Francisco, Boston, Houston, Philadelphia, San Jose, Dallas, Detroit and Seattle all made the top twelve list.