MILLENNIAL HOME BUYING LUXURY TRENDS IN THE 2020
Millennial home buying trends have become a hot topic in luxury real estate. Millennials include anyone born between 1981 and 1996, and they’re quickly becoming a dominating force in real estate. In 2018, millennials represented the largest cohort of home buyers at 37 percent, according to the NAR 2019 Trends Report.
This group now outnumbers baby boomers, and what they’re looking for in a home is drastically different than what their parents wanted when they entered the market. Although there are plenty of High-Net-Worth and Ultra-High-Net-Worth millennials—mostly due to taking advantage of online business opportunities—this group started at a disadvantage as most entered adulthood during the last major recession in 2008.
While many have caught up by now, they are still more fiscally conscious than baby boomers were, and millennial home buying trends lean more towards minimalism than opulent shows of wealth.
Millennials are health-conscious, practical, and looking for new experiences.