There was a time when high-end properties, million-dollar properties were only purchased by older wealthy individuals. Now there is a new demographic that is becoming a dominant force in high-end real estate........Millennials! In sharp contrast to the "slacker" stereotype that has defined their generation, millennials aren't living in parents' basements. They're buying multimillion-dollar homes. At 38%, millennials - adults born from 1981 to 1996 - represent the largest share of homebuyers in the U.S. according to a survey by the National Association of Realtors released last year. "They're just as interested in owning a home. They just waited longer to buy their first one," says Bradley Nelson, Chief Marketing Officer of Sotheby's Internation Realty.
Millennials are breaking from the notion of a "starter home" that older generations embraced, wealthy millennials, Nelson says, are going big. "In the past, people bought a modest property, lived in it until starting a family, and then traded up to a larger property," he says. "Millennials are finally coming out of the gate, and it's not uncommon for the first purchase as a first time homebuyer to be a multimillion-dollar luxury home in the U.S. or internationally."
As a result, millennials are quickly becoming a dominant force in high-end real estate. As we see baby boomers are retiring to sunnier locales such as Florida while remote work has allowed millennials to ascend the housing ladder in smaller, more affordable cities," says a new report from Sotheby's on global luxury in 2021. Millennials make up the largest adult generation at 72.1 million with unique consumer preferences that will profoundly influence the direction of the luxury housing market.
Millennials are the most educated demographic in history, have higher earnings, and are set to inherit more than any prior generation, according to May 2020 report by the Brookings Institute. Being tech-savvy and environmentally conscious values, millennial preferences are poised to dramatically shape the market, a dynamic that has been on display during the COVID-19 pandemic. Beginning almost immediately after the coronavirus hit, for instance, buyers began to flock to areas that offered walkability, nature, and a well-rounded quality of life like food and an art scene.
As we have seen more and more developers are integrating touchless, high-tech features into more homes and focus on bolstering sustainability credentials in new buildings. Energy-saving geothermal systems and solar panels to green roofs are the most attractive features for millennials. The luxury real estate market is ripe for growth!
As always, if you or if you know anyone looking to buy, sell, or invest in real estate. I would be honored if you would refer me.
Thank You,
Qierre McGlory
KW Vision
Realtor
01938370
(714) 577-2787
qierre.mcglory84@gmail.com
www.uncoveryourhome.com
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