The Millennial Influence on the Luxury Real Estate Market
As we study the country's buying trends, we can't overlook the millennial influence on the luxury real estate market.
Millennials are categorized as individuals born between the years of 1981-1996. Most are out of college at this point, and many are well established in their careers. Due to a period of economic hardship, many millennials chose to rent for the majority of their 20s, as opposed to securing a loan. As a result, this generation is choosing to bypass the starter home and have set their eyes on something more advanced—the luxury home.
Bloomburg reported that in 2017, 23% of a luxury home building company’s customers were under the age of 35. As millennials grow older,…