A new report from Luxury Portfolio International finds that a new generation of affluent homebuyers are looking for large spaces and luxury features.
Bloomberg reports that most individuals shopping for homes listed over $1 million dollars are under 50, and nearly a quarter of high-net-worth individuals between 24 and 49 desire a home with at least 20,000 square feet. Only 6 percent of respondents over 50 required the same space.
Other popular features with young, wealthy homebuyers included hot tubs, commercial-grade kitchen appliances, and multiple-view security cameras.
The U.S. housing market has already responded to the demand for larger homes. In the years following the foreclosure crisis, builders focused on erecting larger, higher-end houses and condominiums, exacerbating a shortage of homes that entry-level buyers could afford. Median homes sizes have pulled back slightly since a peak in 2015, but today’s new homes are still nearly 50 percent larger than when the U.S. Census Bureau started keeping track in the late 1970s.
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