According to a new survey by Coldwell Banker Previews International and the Luxury Institute, wealthy younger buyers are the driving force in the luxury real estate market, and are willing to pay more than similar wealthy buyers age 55 and older.
The survey looked at Americans age 21 or older with a minimum gross annual household income of $250,000. It discovered that 43 percent of younger wealthy consumers are considering buying residential property within the next 12 months, compared to 21 percent of those age 55 and older. These younger, wealthy buyers spent, on average, $2.1 million on their most recent purchase of residential property, roughly twice the average amount spent by older and similarly wealthy buyers.
“Luxury homes are for more than successful and retired empty nesters,” says 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.”
For in in depth investigation on how young, wealthy Americans make choices in housing, please go to: http://www.nber.org/papers/w5070
For commonly asked questions by homebuyers, please visit: http://www.californiarealestatedirect.com/Buyer-FAQ