In recent years, low interest rates coupled with lower real-estate prices had also made it easier for people in their 20s and early 30s—whom demographers refer to as “Generation Y” or “millennials”—to buy.
A growing group of wealthy young buyers is making inroads in the world of high-end real estate, acquiring properties at prices, and at a pace, that brokers say they have never seen before. Real-estate agents say that young people are buying more expensive homes than previously. They are also more likely to buy several properties, and use one as an investment. Buying real estate has grown more attractive, these young buyers say, compared with the stock market, which appears riskier to a generation that entered the workforce during a market correction.
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