Unlike generations before them, Millennials were slow to enter the housing market because of a huge economic downturn and concerns raised by the housing market crash in 2008. After years of renting, the market is starting to see Millennials bypassing the starter home of their parents and grandparents for a lasting investment in a luxury home. True to form, this new generation of homeowners is not complacent with the luxury market they have entered into; Millennials are setting a new bar for the luxury home.
Rather than choosing from standard floorplans and amenities, Millennials are looking for bespoke and functional designs that complement their use of the space. Open, functional floorplans and ample storage are winning out over homes with more rooms. Robust kitchens built for entertaining, with high-quality finishes and built-in appliances, are attractive to young buyers who want to enjoy every inch of their space from early morning routines to nighttime gatherings.
Millennials also demand their luxury homes to be as efficient with energy use as they are with space. Sustainable materials and energy-efficient washers and dryers are the preferred choices for these responsible and economical buyers. New standards for space and sustainability are adding up to a demand for new homes and radical renovations.
Waiting until they’ve built a budding career and saved some money has given Millennials the time to develop purposeful goals for their first luxury home. Find out more about what savvy Millennial buyers are looking for on our Luxury Living blog.
