Millennials are the most educated generation in history. With an higher earnings they are set to inherit more than any prior generation.

As a result, millennials are quickly becoming a dominant force in high-end real estate. 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. “They’re just as interested in owning a home. They just waited longer to buy their first one,” says Bradley Nelson.

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 US or internationally.”

According to a recent survey, 63% of affiliates polled said they expected luxury home prices to rise over the next three years in their respective markets. More than 70% of respondents reported heightened demand at the end of 2020.

Resources: Continue Reading...