The world of wealth is getting younger, as majority of the buyers seeking million dollar-plus home are on an average 37 years old, married, and have young families, according to a report titled Rise of the New Aristocracy, published by Luxury Portfolio International, a part of a global network of independent luxury brokerages.
According to the report, the majority of the buyers looking at luxury housing are 25-49 years old and have inherited or plan to inherit significant wealth. Though this age-group includes both, millennials and gen-Xers, it is interesting to note the increased growth of this market at the younger end of the range.
So what does this growing population of luxury homebuyers look for in a home? According to the report, they plan to spend at least a million dollars in the next one to three years on buying a home and are looking to reside in an urban area with around 54 percent of the buyers saying they would opt to stay in the city.
The report said that around 53 percent of these younger buyers were looking for something over 7,500 square feet. However, it noted that a large percentage of buyers, around 23 percent, were looking at 20,000 square feet or more and many were looking for four or more bedrooms and three or more bathrooms.
In terms of design sensibilities, these buyers were evenly matched with 28 percent looking for Victorian building styles, 27 percent looking at modern designs, and 24 percent looking at Lofts.
When it came to essential features, restaurants and dining options close to home ranked highest on their list of must-haves followed by outdoor spaces for patios and terraces, multiple view surveillance cameras, monitored security systems, and commercial grade kitchen appliances.
On the other end of the spectrum were luxury buyers in the age-group of 50 years and above who planned to spend at least $1 million on real estate in the next one to three years preferred looking for homes in the suburbs, with 60 percent of buyers in this age-group wanting to move away from the city. Around 38 percent of these buyers were looking at homes that were less than 5,000 square feet.