Unlike previous generations, Millennials are changing the luxury home market by waiting to purchase their first home and going straight into the luxury home market. According to this article in Bloomberg.com:
In sharp contrast to the “slacker” stereotype that has defined their generation, millennials aren’t living in parents’ basements. They’re buying million-dollar homes.
At 38%, millennials—adults born from 1981 to 1996—represent the largest share of home buyers in the U.S., according to a survey by the National Association of Realtors released last year.
“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 luxury home in the U.S. or internationally.”
As a result, millennials are quickly becoming a dominant force in high-end real estate.