The word ‘luxury’ is often associated with ‘expensive.’ After all, luxuries tend to be expensive, and not everyone can easily afford them. That has been the case in the real estate industry too, where luxury homes are priced well above the million-dollar mark, catering only to the rich and elite class individuals with high net worth.
However, in the past few years, the concept of luxury housing has changed, gradually shifting towards the demands of middle-class property buyers as well. In the present day and age, luxury homes are no longer just within the financial reach of the rich upper class. As affordable luxury housing is gaining a lot of traction in the real estate market, it has redefined the concept of homeownership, allowing even middle-class buyers to enjoy the comfort of a luxurious residence.
What is Affordable Luxury Housing?
Affordable luxury housing is, in simple words, a property that features high-end features and amenities but for a relatively lower price than that of a luxury home. What are these ‘high-end features and amenities that you can expect in an affordable luxury home? Well, that varies from one property to another. Still, you can certainly expect some common attributes such as a larger area, beautiful interior design, master bedroom and master bath, patio, and even additional facilities such as bar and swimming pool.
But you don’t have to cross the seven-figure mark for such houses as many affordable luxury homes in the Rio Grade Valley are within the range of $350k to $600k. In fact, you can even find some luxury homes at around $200k that feature over 1500 square feet of area with three or more bedrooms. No wonder such properties immediately capture the attention of many potential buyers.
Why is Affordable Luxury Gaining Popularity in the Real Estate Market?
The simple reason there is so much interest in affordable luxury in the real estate market these days is ‘demand.’ There’s a huge population of middle-class individuals who would love to enjoy some luxurious amenities but for a price within their budget. Realtors and builders have acknowledged this growing demand among such buyers, and so they have started showing interest in affordable luxury housing projects.
And the prospect of enjoying high-end facilities in their homes is lucrative for middle-class buyers, so that makes it much easier to sell affordable luxury homes. Thus, the increasing demand among buyers has led to the growing popularity of affordable luxury in the real estate market.
What Are the Essential Aspects of Affordable Luxury Housing?
Here’s what you can expect from an affordable luxury home:
Relatively lower prices
Obviously, this is the main factor that classifies a property as an affordable luxury – they are much cheaper than premium luxury homes. For example, in South Texas, you can purchase a $2,800 square foot custom home from the $250’s.
Much like most luxurious homes, even properties that are considered affordable luxury are still situated primarily in posh localities. Picturesque, lush green suburbs are often perfect settings for such properties.
One of the main attractions of affordable luxury homes is very spacious, often featuring more than 1500 square feet of area. At the very least, you can expect upwards of 1000 square feet.
We already highlighted some of the modern amenities that you can expect in luxury homes. They may also feature modern technology such as advanced security systems and IoT integrated equipment in many cases.
How has Affordable Luxury Redefined the Concept of Homeownership?
This concept of affordable luxury housing has filled a massive gap between the middle class and rich upper class in terms of the scale of properties they can afford and aspire to purchase. It has redefined the notion of ‘luxury equals super expensive.’ It has had such a huge impact because the target buyers for affordable luxury housing, which is the middle-class individuals, make up a much larger percentage of the population compared to high-net-worth individuals.
And it’s not just about the buyers and what they can afford now. Even sellers, realtors, and builders focus on affordable luxury because it allows them to cater to a more extensive customer base and not just the limited number of elite-class buyers.
In present times, when you dream of a house with luxurious features and facilities like lavish interiors, large spaces, gyms, and swimming pools, it’s not necessary to rake out millions of dollars to enjoy all these luxuries. With the rise of affordable luxury housing in the real estate market, even middle-class buyers can now aspire to own a luxurious home with modern conveniences within a reasonable six-figure price.