HENRYs are High Earners, Not Rich Yet. Though the phrase goes back to 2003, it has come to describe Gen Xers and millennials who earn over $250,000 per year but just recently reached that threshold and haven't been able to accumulate a sustained track record just yet. Their average age is 43, and they are expected to hit the luxury housing market within the next 5 years.
HENRYs tend to favor online shopping, and search for real estate digitally above any other medium. They also tend to live in major metropolitan areas, such as Boston.
The amount of HENRYs has increased by 13% since 2021, and that rise is expected to continue. Therefore, the number of luxury homebuyers in the Greater Boston market is also set to increase by that amount as well.
It is estimated that HENRYs have not made their move in the real estate market because they've been waiting for the right time and environment to do so, but they are in place to become an influential group in the real estate market. One of the major factors impacting their readiness are life events such as marriage and children, as the percentage of 40-year-olds never married has jumped by almost 5% since 2021. All research indicates their time is approaching.
