Industry News

Young baby boomers are typical owners of luxury homes

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Today's owners of million-dollar homes are typically younger baby boomers who work for a corporation, maintain diversified investment portfolios, and have household income of less than $500,000. Their homes can include such amenities as entertainment rooms, designer kitchens and wine cellars, according to the 2006 Coldwell Banker Previews International Luxury Survey. The annual survey, which included interviews with 300 U.S. homeowners whose primary residence is valued at over $1 million (and over $2 million for California residents), also found about 35 percent of respondents own second homes. An additional 35 percent said they are considering buying an investment property and/or a secondary residence for family use. Luxury real estate service Coldwell Banker Previews International commissioned the study, which was conducted in March and April by market research firm International Communications Research. "The typical million-dollar homeowner likes to live well, but they are not liv...