Most millennial homebuyers are looking for smaller, more manageable properties than the mini mansions so popular a generation before. And they like sleek, simple interiors. The result is a steep drop in the value of many of the homes baby boomers are now hoping to sell as they downsize after emptying the nest or retiring.
According to the Wall Street Journal, homes around Scottsdale, Arizona, that are worth millions of dollars are selling at discounts of close to 50% because younger buyers aren't interested in all that space.