Millennials Are Changing the Luxury Real Estate Market
Tech-savvy and environmentally conscious, millennials’ preferences are poised to dramatically reshape the high-end housing market.
A house for sale in Aspen, Colo.
Photographer: Michael Brands for Aspen Snowmass Sotheby’s International Realty
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 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, chief marketing officer of Sotheby’s International Realty.