High-Income Millennials Are Moving Into The Luxury Housing Market
While first-time buyers have traditionally opted for starter homes, a new crop of high-earning millennials is taking advantage of
historically low interest rates and spending upwards of $1 million on their first home. David Wolf, president and CEO of Taylor Johnson client Wolf Development Strategies, has witnessed the million-dollar millennium buyer trend firsthand at projects like 1400 Monroe, a 42-unit luxury condominium development that Wolf is selling in Chicago’s West Loop. Taylor Johnson took the trend to Forbes.com, coordinating an interview with a couple in their 30s who are buying a new three-bedroom home at 1400 Monroe for over $1 million. Wolf also shared how market dynamics have shifted as millennials – including those who have postponed major milestones like marriage and homeownership – reach a point in their lives and careers where they can afford larger, more expensive homes with plenty of space for WFH setups.
A couple, both 30, went from renting to purchasing a million-dollar three-bedroom home at 1400 Monroe in Chicago’s West Loop. Wolf Development Strategies, which is selling the development, has seen an increase in younger millennial buyers skipping the starter home in favor of larger, higher-priced residences.