Millennial millionaires are looking to purchase homes within the vicinity of their social circle

Because for them, walkability is luxury, even if the chosen area is not considered luxe

More wealthy millennials have chosen to buy homes away from well-known rich neighbourhoods in favour of convenience, opting for an area within walking distance of their social life, reported Business Insider Singapore, citing a study by Coldwell Banker.

Even though walkability has always been a factor in luxury real estate, rich millennials have redefined the significance of the concept as they consider locations that are not gated, secluded, or out of town, as long as they can walk to the nearest cafe, for example.

To evaluate rich millennials’ lifestyles, such as their spending habits, real estate purchases, and other investments, the Coldwell Banker Global Luxury program collaborated with wealth intelligence data and research company WealthEngine.

More: Toorak suburb in Australia is home to the country’s richest people

In the study, they defined wealthy millennials as individuals who have a net worth of over USD1 million, aged between 23 to 27 years old.

Results revealed that “they want to live near gathering spaces… near throwback downtowns, or districts that grew organically – and they are willing to give up square footage and amenities to be able to live in those kinds of locations, ” said Karen Yang of Coldwell Banker Residential Brokerage, Los Altos, California.

Danny Hertzberg, Coldwell Banker Global luxury ambassador and member of The Jills-Zeder Group, added that walkability for this generation is a winning factor. They want to live in a location where the coffee shops, bakeries, fitness facilities, and yoga studios are within walking distance.

“Millennial buyers want to be close to the action,” he concluded.