Insight
One-quarter of Toll Brothers' luxury buyers paid cash, and those who financed had an average loan-to-value ratio of just 69%, demonstrating strong buyer equity.
Toll Brothers luxury moat meets a tougher market test
Summary
Toll Brothers' luxury housing market resilience offers insights for STRs. While affluent buyers have significant equity, their spending is tied to market confidence. Upscale STRs could face similar discretionary purchase risks if equity markets decline.
Key takeaway