Millennials Have Traded Avocado Toast For Luxury Starter Homes
The millennial generation made headlines in 2018 as those born between 1981 and 1996 suffered record-low homeownership rates. Now, it seems much of the generation has kicked the avocado toast habit and saved up a nice little down payment - in some cases, enough for a multi-million dollar starter home.
Millennials now make up the largest share of homebuyers, and they’re opting for luxury digs in cities like Austin, Texas and Aspen, Colorado. "In the past, people bought a modest property, lived in it until starting a family, and then traded up to a larger property," Bradley Nelson, Sotheby's International Realty's chief marketing officer, reported. "Millennials are finally coming out of the gate, and it's not uncommon for the first purchase as a first-time homebuyer to be a multi-million dollar luxury home in the US or internationally."
While Aspen certainly isn’t known locally for its low cost of living, buyers cite the affordability and tight-knit community as compared to New York City or San Francisco. One thing’s for sure: Millennial buyers are living big in Aspen.
Aspen: Colorado’s Ultimate Luxury Market
Of course, young shoppers with money to spend are drawn to the ultra-luxe Aspen neighborhood, known as America’s most expensive ski town. If the name rings a bell, you likely recognize the town for its many notable residents, including Charles Koch, Jeff Bezos, Roman Abramovich, and Howard Schultz. Or, maybe you’re more familiar with Aspen’s world-class winter sports industry.
Either way, millennials are making waves in Colorado’s real estate market. In addition to the luxury appeal, the strong environmental values and tech-savvy skills that characterize the generation spurred a movement of millennials to nature-focused towns and cities at the onset of the COVID-19 pandemic. In prioritizing their lifestyle and choosing where they want to live as opposed to work, the influx of young people yielded record-high sales volume in Aspen in 2020.
With millennial interest in homeownership growing and, in plenty of cases, the cash to back it up, it appears this generation will continue to influence the real estate industry. From increased demand for smart home technology to record-interest in luxury mountain towns, young potential owners are sure making their preferences known. After all, who wouldn’t want to work from home at a ski-in, ski-out chateau?
Looking to Make a Big Ticket Purchase?
If you or a client have money to spend, why not live large in Aspen, one of the hottest destinations for millennial homebuyers? Set up shop in this stunning 5 bed, 11 bath chateau where, for a cool $49.5 million, you’ll have indoor and outdoor pools, expansive outdoor lounge space, and world-class mountain views. Or, between the sprawling grounds and fairytale charm, maybe this 6 bed, 7 bath compound, priced at nearly $40 million, is more your speed. If you’re experiencing mansion envy and a good brunch featuring avocado toast is all the budget allows for, that’s okay, too!
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