Connect

Find us on...

Dashboard

Login using...

New Search X

Affluent Millennials

Posted by Linda Shaughnessy on Tuesday, September 24th, 2019 at 7:10pm.

The Millennial Influence on the Luxury Real Estate Market

 

Millennials 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, their grip on the luxury market tightens. Their definition of what constitutes as a luxury home may differ from the pre-existing standard, and smart sellers will learn how to work with these evolving demands.

So how are millennials redefining the luxury real estate market? Surprisingly, size is one factor, and not what you would think. While square-footage has long been an attractive selling point, millennials don’t equate size with comfort. An open space that quells claustrophobia oftentimes has the edge over a rambling floor plan. They also don’t want to choose a cookie-cutter layout from the developer’s marketing brochure.  Kitchens, for example, are one of the most customized rooms in a condo or house.  They aren’t only aesthetically pleasing, kitchens are  outfitted with functional amenities, including coffee machines, industrial ovens, and wine coolers.

With a demanding lifestyle, millennials expect their homes to be efficient and prefer built-in storage and amenities that help prevent clutter and allow the fine details of a house to not get lost in translation. The goal is for the home to retain the appearance of a showroom, the design that was envisioned upon its conception. This trend is evident in homes for sale online. Rarely are photos and accessories found on tables and counters.

Millennials may have caught criticism in years past for renting homes or even opting to stay with their parents, but recent developments prove that they may have played their cards well. They’ve waited it out and are now willing to make substantial investments that will support the wealthy lifestyles that they have earned. And remember— if sellers can keep ahead of this evolving market, millennials won’t be the only ones turning a profit.

 

Affluent MIllennials
The Millennial influence on the luxury market.
Millennials Millennials Influence on the Luxury Real Estate Market
alt="Millennials Influence on the Luxury Real Estate Market" width="500" height="334" />

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, their grip on the luxury market tightens. Their definition of what constitutes as a luxury home may differ from the pre-existing standard, and smart sellers will learn how to work with these evolving demands. So how are millennials redefining the luxury real estate market? Surprisingly, size is one factor, and not what you would think. While square-footage has long been an attractive selling point, millennials don’t equate size with comfort. An open space that quells claustrophobia oftentimes has the edge over a rambling floor plan. They also don’t want to choose a cookie-cutter layout from the developer’s marketing brochure. Kitchens, for example, are one of the most customized rooms in a condo or house. They aren’t only aesthetically pleasing, kitchens are outfitted with functional amenities, including coffee machines, industrial ovens, and wine coolers. With a demanding lifestyle, millennials expect their homes to be efficient and prefer built-in storage and amenities that help prevent clutter and allow the fine details of a house to not get lost in translation. The goal is for the home to retain the appearance of a showroom, the design that was envisioned upon its conception. This trend is evident in homes for sale online. Rarely are photos and accessories found on tables and counters. Millennials may have caught criticism in years past for renting homes or even opting to stay with their parents, but recent developments prove that they may have played their cards well. They’ve waited it out and are now willing to make substantial investments that will support the wealthy lifestyles that they have earned. And remember— if sellers can keep ahead of this evolving market, millennials won’t be the only ones turning a profit.

 

 

 

Leave a Comment