July 24, 2018
Next Generation Millionaires and High End Homes
It is predicted that affluent millennials and future generations will desire a high-end home very different than the high-end homes that baby boomers and GenXers desired. While past generations favored suburban McMansions, the future trend will focus more on leaner, smaller and more personalized homes as millennials aim for a lifestyle in which they live within limits.
With less focus on square footage, luxury in these homes will be made present in the fine details, better-quality fixtures, and amenities.
Location for millennials is incredibly important as well. Proximity to work and the lifestyle they want is crucial to them. They prefer urban living or walkable towns and suburbs that have the urban amenities they are used to such as bike lanes, social events, and a plethora of shops and restaurants.
While millennials desire a home that is close to work, many also dream of owning a second home for weekend getaways and vacations. As their incomes increase, two moderately priced homes will add up to a comparable level of investment that one big luxury home would.
While millennials still seek luxury in their homes, many prefer to spend their millions on experiences and opportunities rather than on one big luxury suburban home.