SAVVY SPECIAL REPORT


(continued from page 4)


since the pre-Depression, Gatsby era, we have a generation of kids whose parents made a great deal of money and are giving a great deal of it to their children. Prior to this, very few families had money through inheritance. Tere is a liv- ing wealth transfer currently taking place that this country hasn’t seen in decades.”


Te National Association of Real- tors’ 2013 Home Buyer and Seller Generational Trends report said, “Te oldest of the Millennial gen- eration are now entering the years in which people typically buy a first home, and despite the recent downturn, homeownership still matters to them. Te sheer size of the Millennial generation, the larg-


est in history after the Baby Boom- ers, is expected to give a powerful boost to long-run housing de- mand, though in the short term mortgage accessibility and student debt repayment remain challeng- es.” Te NAR report found Mil- lennials accounted for 28 percent of recent home purchases, the median age of Millennial buyers was 28 and their median income was $66,200. Tey typically bought a 1,700-square foot home that was built around 1986 and cost approximately $165,000 with an average of a 5 percent down payment. Prior to their home purchase, 65 percent of Millennials had rented an apartment or house and 22 percent had lived with their parents, relatives or friends.


And what are they looking for?


Here’s the hot list, combined from several recent reports:


• new construction • modern styling • floor-to-ceiling windows • high ceilings


• open floor plans that provide large, fluid spaces for entertaining


• no “ornate nonsense”


• rooms that flow from indoors to outdoors


• proximity to an urban or central city area close to their previous residence.


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6 GREATER DFW METROPLEX BUILDING SAVVY MAGAZINE


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