Survey Says: Luxury Real Estate Buyers Are Getting Younger According to Coldwell Banker, Luxury Institute

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No, it’s not that Baby Boomers have found the fountain of youth. Instead, it’s the younger crowd that is becoming a growing share of the luxury real estate market, making purchases at an unprecedented clip according to a Coldwell Banker Previews International and Luxury Institute survey.

Around 43 percent of the $1 million-plus homes are being bought by those who are younger than 55, the survey showed. That includes purchasers older than 21 that make at least $250,000 annually. On the flipside, only 21 percent of those aged 55 and older plan to purchase a home in that price range.

“This trend towards younger luxury buyers is leading a change in desired home amenities,” said Betty Graham, president, Coldwell Banker Previews International NRT. “Whether these younger buyers have young families or are single without children, they are looking for homes that fit their active and unique lifestyle.”

More Young Money Enters the Real Estate Market

So what are they buying? The survey found:

Younger buyers are significantly more likely than wealthy buyers age 55 and older to want homes with amenities such as a pool, outdoor kitchen, home gym, home theater, wine cellar and four or more garages.

Wealthy consumers under age 55 are more than twice as likely (23 percent) to value Green or LEED certified residential properties than their older counterparts (11 percent).

Open floor plans and a fully automated and “wired” home environment are the top features wealthy consumers, regardless of age, say have become important to them in the last three years. Less importance is placed on staff quarters, tennis/sports courts and separate catering kitchens.

“Luxury homes are for more than successful and retired empty nesters,” said Milton Pedraza, CEO of the Luxury Institute. “Today’s luxury buyer is both dynamic and diverse, and it’s reflected in the homes and products they’re buying.”

You can read the complete findings of the survey right here.