Millennials comprise a generation now larger in numbers than that of the baby boomers. Young adults who began their career journeys during the peak of a national socio-economic crisis, many of them have deferred the conventional milestones typically associated with homeownership. They are a generation with no qualms about doing things on their own time and terms, and it’s a mindset they carry with them into the home buying process.
Having grown up in an era more advanced, with more options, and moving faster than ever before, millennials entered into adulthood with a strong sense of what’s important to them. And what matters to a young, millennial adult today isn’t always the same as what was important to the generations that have preceded them.
To better understand what a prospective young buyer might be looking for in a piece of Beverly Hills real estate to call their own luxury home, it helps to understand the lifestyle and mindset of the Beverly Hills millennial:
You might be wondering how time is an amenity. But if you live in Los Angeles, then you already know that having enough time in the day to get things done is considered an extreme luxury for most people. Now narrow your scope of vision specifically down to the Beverly Hills millennial lifestyle, and you’ll understand why the concept of a home that saves time represents more than a luxury millennial money can buy. Time is an essential value built into the fabric of millennial social currency. What, and with whom, a Beverly Hills millennial spends their time on is a measurement tool for their quality of life, work, friendships, and affluence. And they don’t want to waste it developing and renovating a fixer house.
Brand-new, luxurious turnkey homes that require no maintenance translates into more time invested in careers, social lives and a community of peers for the Beverly Hills millennial.
Anyone working in the entertainment industry, the premiere millennial career-builder of Los Angeles, will attest that commute times to and from work make or break a person’s day. By virtue of where the city itself sits within Los Angeles county, owning a valuable piece of Beverly Hills real estate is to own the perks of location and convenience:
The convenience of having walkable places to caffeinate, like Blue Bottle Coffee, to stock up on supplies like at Whole Foods Market, or to sweat out the stress of the day like SoulCycle, is invaluable to both the Beverly Hills millennial working their hustle from home as it is to the ones on the go. For young homeowners rooted in the area, options to get what they need when they need it, coupled with the city’s location itself, is part of the prestige of living in Beverly Hills.
“There’s an app for that,” is a phrase embedded into the DNA of millennial dialogue. They understand and embrace technology because they were born to wield it. Millennials grew into adulthood during the rise of the digital age, with global information and cutting edge technology as accessible a plaything as Legos were to their parents. Having the ability to control any aspect of the home through technology, with the touch of an app or the ease of voice command, is a tantalizing feature for a majority of Beverly Hills millennials.
To the young Beverly Hills real estate owner, the difference between simply buying a house versus owning an extravagant smart home lies in how quickly that home’s amenities can solve everyday problems with minimal human effort:
While not every Beverly Hills millennial may want an AI for a housemate, homes equipped to make everyday tasks easier tend to compliment the millennial lifestyle in general. For the ones looking to buy in Beverly Hills, owning a smart home can be seen as a wise investment.
Millennials move fast, in a world moving fast. At a base level, a majority of this generation’s homebuyers on the market want homes that are move-in ready, easy to navigate, and on-trend enough for an HGTV-worthy post to their socials. Millennials ready to buy in Beverly Hills, however, also want to come home to a sense of lavishness and a feeling of escape at the end of a busy day. It’s what they are investing in by owning a piece of Beverly Hills real estate.
To own an elite pocket of property in Beverly Hills is to own a private piece of the oasis, a getaway from the noise and bustle of metropolitan Los Angeles, where character is key and layout is crucial:
A Beverly Hills millennial investing in property looks at the ability of a property’s layout in serving as a natural extension of its owner’s lifestyle. And the lavishness of that lifestyle doesn’t necessarily equate to the level of grandeur a home has, more so than it equates to the home’s capacity to transition from one thing to the next with minimal effort.
While the home-buying decision process of other generations have been influenced by motivators like marriage and starting a family, millennials consider the desire to give their four-legged family members a better life as a more important motivating factor in the equation.
A luxury home in Beverly Hills can, and should be, as indulgent an oasis for millennial pets as it is for the home and pet owner:
Some millennials prefer to wait until later on in life before starting a family of their own, if that’s even on an individual millennial’s checklist of life goals. Nevertheless, a majority of them regard their pets as the children they have now and want nothing but the best for their fur-babies.
Millennials come with an instinctual awareness of their own empowerment to research before making financial commitments to anything. Most on the market will have done a virtual walk-through of properties in consideration and assessed included amenities before setting foot inside of the property itself. Amenities that speak to millennials ready to buy a slice of Beverly Hills real estate are ones that effortlessly lean into the generational trends of their time.
If you’re looking to buy in Beverly Hills, Rochelle Maize has years of experience helping people find dream homes with amenities that best compliment and reflect the lifestyles of her clients. Get in touch so she can answer any questions you have about the home-buying process and help you make an offer.