Hard as it may be to believe, today's millennials aren't living in their
parents' basements; rather, they're buying multimillion-dollar homes.
At 38%, millennials -adults born between 1981 and 1996- represent the
largest proportion of homebuyers in the U.S., according to a National
Association of Realtors survey released last year. "They are just as
interested in owning a home. They've just waited longer to buy their first
one," says Bradley Nelson, director of marketing for Sotheby's
International Realty. Affluent millennials, Nelson says, are going big.
Market Preferences
Millennials are the most educated generation in history, have higher
incomes and are poised to inherit more than any previous generation, according
to a May 2020 report from the Brookings Institute.
Millennials are characterized by their tech-savvy and environmentally-conscious
values, and their millennial preferences are poised to dramatically shape the
market.
Luxury headwinds
In addition, amid the indiscriminate decline in overall tax revenues
caused by the pandemic, governments around the world are re-evaluating property
and estate taxes as a means to cover budget shortfalls.
"For all buyers, tax implications are going to be a bigger part of
their consideration when buying a home," Nelson says.
For the growing cohort of young, affluent buyers eager to get their
dream home, millennials face a dearth of options that meet their unique tastes.
"Inventories are near historic lows across the board, and especially for
homes with the features they're looking for," Nelson says.
The world is definitely changing, and millennials know it. Miami is a
place that they will probably like to live in.
