New millennial homebuyers flocking to smaller ‘lifestyle’ focused cities such as Houston, Aspen and Miami

The market real estate is the “hottest” ever, with increasingly younger buyers, flocking to low-tax states like Texas, Florida and Colorado during the pandemic of coronavirus , according to Douglas Elliman CEO Dottie Herman.

Herman, during an interview on “Mornings with Maria,” said that taxes plus low , lower interest rates and the ability to work from home have driven new millennial homebuyers to smaller “lifestyle” focused cities, such as Houston, Aspen and Miami. Herman also believes millennials will inherit “more money than any other generation” because they are making more money at their age than any other generation and are the most educated. Herman added that new millennial homebuyers, many of whom stayed in parents’ homes during the pandemic , were able to save money for starter homes that, in some cases, cost more than $1 million.