High Income Millennials: Big Market For Luxury Homes

 

Great piece in the Washington Post on high income millennials buying $1M homes throughout the country but especially in the DC area. However, the report I found most interesting is Christie’s “Luxury Defined 2016” which is also cited in WaPo.

Key takeaways:

  • Arlington has more millennials with HH income of $350,000+ than any other part of the country, with 8.7% of millennials among that wealthy cohort. (Source: Zillow)
  • DC is tied at eighth place with New York City, with 2.8% of millennial HHs above $350,000.
  • In the DC area, most of the millennials who have the money to buy $1 million homes are households with two lawyers. Some also work for tech companies or bio-tech research.
  • According to the Christie’s report, young, high-net-worth individuals, particularly entrepreneurs and tech industry employees, are increasingly buying luxury-level real estate in New York City, San Francisco, Seattle and Miami, as well as in resort communities and the D.C. metro area.
  • Auckland is the world’s hottest city for luxury real estate. It posted 63% growth in million-dollar-plus sales thanks to strong international and local demand especially from tech entrepreneurs.
  • To read the full Christie’s Luxury Defined report, click here.

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