Engel & Volkers: Next generation of luxury homebuyers ready to make their mark

According to the report, 76% of respondents already own a home and 95% said they plan to own one before age 40.

That contrasts with broader national trends as the median age of first-time homebuyers has risen to 40, according to the National Association of Realtors.

“As we face the largest transfer of wealth ever between generations, HENRYs are already shaping the luxury real estate market in North America,” said Katelyn Castellano, chief marketing and performance officer at Engel & Völkers Americas.

“They are financially disciplined and approach homeownership not only as a symbol of success, but as an extension of their identity. As a result, they are redefining luxury around ownership, quality and long-term value.”

The survey found that 86% of respondents consider homeownership very or extremely important to achieving the American dream, and they view it as a primary indicator of luxury — ranking it above spending on fashion, travel or services.

More than two-thirds of those surveyed said they prefer owning luxury goods rather than relying on rentals, experiences or subscription models.

Respondents associated luxury with product quality, brand reputation and price.

The report also found that 77% of participants save at least $1,500 per month, indicating a focus on long-term financial planning.

Eighty-two percent said their generation values traditional luxury as much as or more than older generations — citing ownership and brand reputation as important factors.

The findings are based on responses from more than 1,000 North American consumers within the defined age and income range.