Millennials Are Taking Over

April 07, 2023

THE BIG SPLASH

Millennials Are Taking Over

Millennials have surpassed older generations in homeownership, with over 18 million households owning homes, according to a study by RentCafe.

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  • The cohort, born from 1981 to 1996, has struggled with student debt and economic uncertainty, which delayed their entry into homeownership. 

  • However, in 2022, millennial homeowner households became a majority among the generation, at 51.5 percent. 

  • The study found that more expensive cities tend to have fewer millennial homeowner households, with Salinas, California having the lowest share at 19 percent and Midland, Texas having the highest at 82 percent. 

  • Although Gen Z has made some gains in homeownership, with 1.6 million new homeowner households over the past five years, they still have the highest percentage of renters. 

  • Despite the gains in millennial homeownership, they still own fewer homes than older generations. Baby boomers, born from 1946 to 1964, still own the most homes, about 32 million, but lost around 350,000 homeowners during the same time period.

A SCOOP OF TIPS

The do's and don'ts of upgrading a home to sell

For people looking to sell their home, adding some trendy features could help fetch a higher price. According to a recent report by Zillow, amenities like steam ovens and She-Sheds can increase a home's price as much as 5.3% compared to similar listings.

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  • Other features like doorbell cameras, open shelving, and soapstone countertops can also help homes sell faster. 

  • The report suggests that buyers are willing to pay more for luxuries that personalize their space, and in today's market, homes with desirable features are likely to face more competition. 

  • However, the report warns that personalized features can also deter some buyers and make a house spend more time on the market. Amenities like She-sheds take two days longer to sell, while homes with wine cellars spend an extra five days on the market.

  • The report suggests that homes with outdoor entertainment spaces like saltwater pools or putting greens are particularly appealing to post-pandemic buyers who expect their homes to be a place where they can work and play.

A SCOOP OF MARKET DATA

Hamptons Home Prices Take a Dip

Hamptons, the posh real estate market, is not immune to the ongoing slowdown in the US housing market as the median home sale price dropped by 7.6% to $1.66 million in the first quarter of 2023 compared to the same period last year.

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  • According to Town & Country Real Estate's data, this is the first time the prices have fallen since 2019 after hitting record highs during the pandemic when wealthy New Yorkers fled city lockdowns. 

  • The retreat began with interest rate hikes at an unprecedented pace, highest inflation in four decades, and geopolitical tensions, said Town & Country CEO Judi Desiderio.

  • Additionally, economic uncertainty surged as Wall Street digested the failures of Silicon Valley Bank and Signature Bank of New York. 

  • All 12 Hamptons-area real estate markets tracked by the firm reported declines in total home sales with a 44% plunge in the number of home sales for the first quarter year-over-year. 

  • The most significant declines in median home sale prices occurred in the Shelter Island market, where the figure plunged nearly 38% to $1.61 million.

A SCOOP OF KINDNESS

Brad Pitt Proves to be the Best Neighbor Ever

Brad Pitt reportedly bought his elderly neighbor's home in Los Feliz, Los Angeles, and let him live in it rent-free until he passed away.

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  • According to Cassandra Peterson, who used to be Brad Pitt's neighbor, one of the properties Pitt purchased was that of a man in his early 90s whose wife had died. 

  • Pitt made a deal with the man to let him live in the home for free until he died. Peterson revealed that the man lived there for many years and eventually passed away at the age of 105. 

  • Pitt was kind to the elderly man and allowed him to live out his remaining days in the home he had lived in with his wife. 

  • Pitt bought the property as part of his effort to build a large estate, which he eventually sold for $40 million after his divorce from Angelina Jolie.

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