Luxury homebuilder says more than 70% of business is from wealthy move-ups and empty nesters with years of home price appreciation. The rest are rich millennials

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• Home prices and mortgage rates are high but haven’t hampered demand for what Toll Brothers calls its “luxury niche.” That niche is made up of empty nesters, rich millennials, and wealthy buyers who are inoculated from housing market swings.

More than half-a-century-old luxury homebuilder Toll Brothers has its wealthy homebuyers to thank for pushing it through a housing market at a standstill. Home prices soared throughout the pandemic, and mortgage rates that hit rock bottom reached levels unseen in decades after scorching inflation sent the Federal Reserve into a tightening cycle.