Are millennials wiping out the concept of the starter home? Millennials of all income levels aren't buying starter homes because of pricier real estate.
By the time many millennials do buy homes, they're older and less likely to move around as they settle down. They've also had more time to build wealth, which means they might be able to afford higher-end homes.Millennials are waiting longer than ever to buy homes — here's how many years it takes to save for a down payment in 25 major US cities"When [millennials] buy their first home, they're buying a much nicer home than a prior generation," Rascoff said.
Toll Brothers Inc., the largest US luxury-home builder, said that nearly a quarter of its 2017 sales were to those aged 35 or younger, reported Prashant Gopal ofBecause they're waiting longer to buy, millennials have time to build enough wealth to make their first home a luxury home.
"Part of it is generational — millennials didn't feel the need to buy a starter home, and maybe couldn't and they waited until they were in their 30s," she said."Maybe now they're just skipping over the starter home and buying a higher-priced alternative."3. They're buying vacation homes instead.
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