Forget Starter Houses, U.S. Millennials Are Buying Luxury Homes
- Toll says 23% of its sales this year were to younger buyers
- Builder aiming for the ‘more-affluent edge,’ CEO Yearley says
Millennials, Don't Worry. You'll Be Able to Retire.
Millennials in the U.S. were so slow to become homeowners that it was beginning to look like they’d rent forever. Now they’re a force in the market for new high-end houses.
Toll Brothers Inc., the largest U.S. luxury-home builder, said Tuesday that 23 percent of its sales this year were to customers with at least one buyer age 35 or younger. That was a surprise, given that the company’s average contract price in the three months through July was $837,300.