Nestled on the northeast side of Buckhead in Atlanta, the neighborhood of Brookhaven is one of the most desirable and affluent communities in the metro, known for its stately mansions and winding, tree-lined roads. Yet, a surprising number of young adults (late 20s to early 30s — often referred to as “millennials”) have been looking and buying in this neighborhood, many of them first-time buyers. So why are these “emerging affluents” searching for Brookhaven homes for sale? What is drawing them to this luxurious Atlanta suburb? We’ve identified a few contributing factors.
Emerging affluents are waiting for the right time to buy
While still young, the majority of first-time home buyers within the millennial generation are nearing their 30s. In the meantime, many have lived at home or paid cheap rents while working their way up the job ladder and paying their student debts. Bloomberg recently identified a trend that by delaying their first home purchase a few years, a growing number of emerging affluents are effectively able to bypass the “starter home” stage and go right to luxury properties for their first home purchase.
Some emerging affluents started out their careers with high pay
While many young adults do get burdened with the struggle of tackling higher amounts of student debt with entry-level jobs, a growing number of them are finding work in industries with plenty of room for promotion (e.g., tech, business, finance). Others are bypassing the employment sector and going into business for themselves. As a result, many emerging affluents now have more income to put toward their housing needs and wants.
There are plenty of deals for emerging affluents in Brookhaven
Recent housing market trends show that Brookhaven home values are experiencing a temporary dip, with the average price per square foot dropping to $297, down from $339. This downward trend tends to be amplified during the winter months when home sales experience their biggest lull. While this trend isn’t likely to continue, for now it means emerging affluents have an excellent opportunity to get more home for their money, enabling them to buy in a neighborhood they might not be able to afford even six months from now.
Whether you are searching for a home in Brookhaven or another of Atlanta’s great neighborhoods, Atlanta Fine Homes Sotheby’s International Realty can help you find your dream home. To schedule an appointment, give us a call at 404.948.4812.