Who Are The Luxury Home Buyers? Demographics

By
Real Estate Sales Representative with Kennewick Richland (and West) Pasco WA Homes For Sale

Luxury HomesWho do you think of when you think of a luxury home buyer? Doctors, lawyers, engineers?  This is what most of us think, but, believe it or not the majority of luxury home buyers are business owners or entrepreneurs (32%).  This is followed by corporate executives (16%), attorneys (10%), and physicians (9%) with the remaining being retirees, accountants, middle managers, and sales professionals.  In addition to this a majority of luxury home owners (90%) are college graduates.  The average luxury home buyer is not what we see on TV or in movies.  Most live below their means, buy used cars, didn’t receive an inheritance and see home ownership as a wealth building tool.  Surprising isn’t it?  Not who we think the luxury home buyer is.

Next in the series, Part 3, Buying a luxury home.
Related: Part 1, What is a luxury home? | Our Pasco Wa Luxury Home Is For Sale

•:*¨¨*:• Joe & Colleen Lane •:*¨¨*:•
Our ActiveRain Blog / Our Localism Blog

The Lane Real Estate TeamColleen is the Realtor® that makes things move in The Lane Real Estate Team, while Joe (that's me) is the dude that provides the marketing that gives Colleen the great clients they have. Colleen's sole purpose in life is to serve her God, family, and clients. Joe's sole purpose in life is to serve God, Colleen, and family (and ski). Joe and Colleen have five children, all at home, all theirs. Joe and Colleen have been happily married for 23 years, and Joe has forgotten the anniversary almost all of those years! Joe and Colleen service the Tri Cities Washington real estate market to include Kennewick, Richland, and Pasco, Washington. Oh, their house is for sale!

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Rainer
207,933
James Wexler
wexzilla.com - Scottsdale, AZ

great post. our luxury home market was sizzling even after July of 2005 through 2007. In the last 12 months the drop off is dramatic.  Are you seeing the same thing despite the demographic you point out?

Oct 22, 2008 11:07 AM #1
Rainmaker
254,251
Colleen Lane
Kennewick Richland (and West) Pasco WA Homes For Sale - Kennewick, WA
Kennewick Realtor, 509.438.9344 www.LaneRealEstate

@James, We're holding our own here in the Tri Cities Washington area.  Property values are steady, and homes sales are down a bit, but winter months usually cools things off a bit here.  :o)

Oct 22, 2008 11:22 AM #2
Rainer
136,080
Gayle Balaban
The Best Spot Realty/Waterfront Real Estate/Ooltewah Real E - Chattanooga, TN
E. TN Waterfront Real Estate

I sell to thos market and majority re pre-retirement and fit the demographic that you outlined.  They seem more cautious lately but still buying.

Oct 23, 2008 12:28 AM #3
Rainmaker
254,251
Colleen Lane
Kennewick Richland (and West) Pasco WA Homes For Sale - Kennewick, WA
Kennewick Realtor, 509.438.9344 www.LaneRealEstate

Thanks for visiting Gayle! :o)

Oct 23, 2008 09:25 AM #4
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Rainmaker
254,251

Colleen Lane

Kennewick Realtor, 509.438.9344 www.LaneRealEstate
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