Millennials represent a generational transformation. Their views on the relationship between work and home have introduced a new demographic into the New York City real estate market, which some analysts are calling the Luxe Nomad. Represented in more numbers here than any other city, this new prospective buyer could set trends to which buyers, sellers and all others involved in a real estate transaction will have to adapt.
New perspectives on work, home and life
Statistics showcase how Millennials have an altogether different concept of what comprises a home. They travel more than other generations and emphasize personal touch in a home. They do not compartmentalize work and home as other previous generations have. More than 40% have worked remotely at least once per week and more than half enjoy the flexibility it provides.
Within the home, they emphasize function, i.e. rooms with multiple functions. More dependent upon and familiar with technology, Millennials increasingly seek homes designed so that owners or residents control the living space via a smartphone or tablet, or a smart home. Smaller living spaces can increase the demand for condominiums or apartment buildings in proximity to public transportation and businesses.
Challenges to an affordable home
Not unlike any other prospective buyer, Millennials seek affordability. Student debt, increased energy and food costs have kept disposable income very low to purchase a house. Real estate prices have increased significantly over the past five years not only New York City, but also within the metropolitan area.
Each generation adapts to the conditions it encounters and creates new trends as it ages. A home will reflect these values and ideals. The legal demands and requirements of every purchase, however, remain fixed and very specific. Attorneys familiar with the local real estate climate can provide assistance.