Locating a supersized home for the young and wealthy

A recent report from Luxury Portfolio International suggests some young wealthy Americans want giant houses:

About 40% of wealthy younger buyers — those aged 25 to 49 — told real estate broker Luxury Portfolio International they hope to own a house larger than 10,000 square feet, long considered the upper range for McMansions, in a survey published this week. Nearly a quarter — 23% — said they want a home 20,000 square feet or larger.

If you didn’t think people bought houses that big, you’re kind of right. The average U.S. home size was about 2,400 square feet in 2016, according to government data. The survey’s respondents, who were an average of 37 years old with assets of $1 million or more, want a house about eight times that size.

Need help picturing that? Think four times the size of Kendall Jenner’s $8.55 million Los Angeles spread or about the size of Taylor Swift’s Rhode Island estate and DJ Khaled’s Florida mansion — combined.

And the size of their desired home differs quite a bit from what older Americans with wealth want:

ElbowRoomBloombergGraphic

As the first article above notes, these are not just large homes: they are supersized homes. Beyond following some celebrity model or some cultural image of what constitutes a significant home, I wonder if this is also affected by where these different generations want to live. To have such a large home, an owner probably needs a sizable property in a more suburban setting. In contrast, those 50+ and wealthy may prefer smaller places but in urban centers. Those city homes or condos or penthouses may not be much cheaper or any cheaper but they certainly are connected to a different kind of life compared to the suburban estate.

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