A new generation of affluent homebuyers powered by a surge in inherited wealth is driving the luxury home market in North America, demanding larger spaces and fancier finishes, according to a recent study that heralded \u201cthe rise of the new aristocracy.\u201d<\/p>\n
As reported by Bloomberg, the study was based on a survey of more than 500 consumers with at least US$1 million in investable assets. It was conducted last month on behalf of Luxury Portfolio International, a network of real estate brokerages.<\/p>\n
Prospective homebuyers under 50 accounted for most of those shopping for homes priced at US$1 million or more, according to the report. Nearly a quarter of high-net-worth consumers between 25 and 49 said they would look for at least 20,000 square feet when they made their next home purchase; it was just 6% for respondents 50 or older.<\/p>\n
Read more: <\/p>\n
Other home features deemed \u201cessential\u201d by a large share of this segment included hot tubs (45%), commercial-grade kitchen appliances (52%), and multiple-view security cameras (54%). Proximity to good restaurants was the most important community amenity in the survey results, followed by proximity to family.<\/p>\n
Three of five respondents under 50 said they are expecting to inherit at least US$1 million, with an average inheritance of US$3.8 million. Meanwhile, more than 171,000 families gave gifts of at least US$1 million between 2011 and 2014, according to the report, a giant leap from about 7,600 families who made US$1 million gifts between 2007 and 2010.<\/p>\n
\nRelated stories:<\/strong><\/em><\/p>\n \n\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":" A new generation of affluent homebuyers powered by a surge in inherited wealth is driving the luxury home market in North America, demanding larger spaces and fancier finishes, according to a recent study that heralded \u201cthe rise of the new aristocracy.\u201d As reported by Bloomberg, the study was based on a survey of more than […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/7671"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=7671"}],"version-history":[{"count":1,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/7671\/revisions"}],"predecessor-version":[{"id":20904,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/7671\/revisions\/20904"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=7671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=7671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=7671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}