Report says there has been a "significant shift" in gender distribution among younger luxury home owners
Young women are seizing the opportunity to add luxury real estate to their investment portfolios according to a new report.
Among under 35 owners of luxury homes, women now make up 54%, noted as a “significant shift” in gender distribution among owners of the asset class.
The State of Luxury Real Estate report follows a recent study that found that Gen Z Canadians are getting into the real estate market earlier than previous generations – and that seems to be true for high-end homes too.
The luxury real estate research was conducted by New York based Luxury Portfolio, a brokerage network of more than 250 firms in 35 countries.
It found that for luxury home owners aged 35-64, men make up 59% with women at 41%.
The study reflects a growing cohort of young women who are forging their professional career paths faster and building their wealth along the way.
"Affluent young women are on trajectory to level the playing field, wielding purchasing power, wealth accumulation, education and corporate positions to make serious real estate decisions earlier in their life," said Mickey Alam Khan, president of Luxury Portfolio.
Other findings from the research include that, regardless of gender, 51% of luxury real estate owners under 35 have a master’s degree or higher, far lower than the 62% of 35-64s who do.
Early investors
Under 35s are also investing in luxury properties earlier in their career progression with 23% holding junior positions and 46% holding executive roles. That compares to middle-aged owners where 26% are in senior roles and 51% are executives.
"This data suggests that younger individuals are making significant strides early in their careers, acquiring luxury homes at a faster pace than previous generations," Alam Khan said. "Indeed, it follows a broader trend among the affluent that the 'first luxury experience' is happening earlier in life now for today's young people compared to generations past.”
