- Rich millennials like a luxury home with function.
- While rich millennials prefer a new and modern look, they’re mostly focused on convenience and amenities.
- Here’s what rich millennials look for in a luxury home, according to real-estate agents in New York, California, and Florida.
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For rich millennials, luxury homes are largely about function.
Business Insider spoke to real-estate agents in three popular states among rich millennials — New York, California, and Florida — about what the demographic looks for in a luxury home. While specifics depend on the buyer’s situation — like whether they’re married, single, or have kids — some common themes cropped up.
Turns out, rich millennials like a new, clean, and modern design, but they seem to be less about aesthetic and more about convenience and amenities.
And they care less about size and more about quality, West Palm Beach real-estate agent Burt Minkoff of Douglas Elliman told Business Insider. They’re also more savvy buyers, according to Southern California agent Sally Forster Jones of Compass, who told Business Insider that rich millennials are cautious about their money and make sure they don’t overpay.
Here’s what rich millennials look for in a luxury home, according to real-estate agents.
Walkability is a major factor for rich millennials.
Agents in all three states cited location and walkability as a key factor.
"Primarily, millennials are focused on location as the main selling feature," Forster Jones said. "Whether they are looking for views or a home with walkability to local shops and/or their job, the location plays a major part in the decision-making process."
In New York City, many want to be able to walk to work, according to Ian Slater of Compass.
Millennials also want to walk to restaurants, recreational activities, and, in the case of Florida, the water, Minkoff said. Millennials with kids also look for proximity to good schools, he said.
Millennials have an eye for sustainable luxury.
Both Minkoff and Cindy Scholz of Compass in New York City have noticed a trend in millennials looking for green features in their homes.
"Millennials are increasingly conscious of the environment and want eco-friendly features," Scholz told Business Insider. "Something I have been noticing in new builds is finishings created from hemp."
Eco-friendly features can be anything from solar panels to LED lighting.
Contemporary design is popular among rich millennials.
Millennials tend to prefer contemporary homes or traditional homes with contemporary finishes, Forster Jones said.
Consider outdated parquet flooring — it can make a home unsellable to millennials, according to Scholz. Millennials would prefer something like wide plank oak flooring, which immediately brightens up any space, she said.
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