Millennials Favor SingleFamily Homes when Establishing Households

first_img July 1, 2015 456 Views in Daily Dose, Data, Featured, News Millennials are leaning toward single-family homes when browsing the housing market. A recent analysis from Fannie Mae titled “Rent or Own, Young Adults Still Prefer Single-Family Homes” determined that householders aged 25-34 were more likely to occupy a single-family home in 2013 than in 2006, during the peak of the last housing cycle.“As the housing recovery plods along, many are looking to young adults as a source of new demand that could invigorate the residential rebound,” Patrick Simmons, director of strategic planning economic & strategic research group at Fannie Mae. “Interest in the housing behaviors of young adults is intensified by the sheer size of the millennial generation, which by some estimates is the largest in U.S. history. In particular, much attention has focused on millennials’ household formation and homeownership rates, which are substantially lower than for previous generations.”The research examined the rates at which young households occupy single-family homes across the rental, owner-occupied, and recent homebuyer markets and also compared the structure-type choices of young households today with those of young adults prior to the housing crash, according to Fannie Mae.The analysis found that although occupants aged 25-34 were less likely to dwell in a single-family home in 2013 compared to 2006, the likelihood that a young adult will live in a single-family home today does not differ from 2000, before the housing boom and bust.The research also determined that 25-34 year-old homeowners are found to be more likely to reside in a single-family home today than previous generations, and young renters today are roughly as likely to occupy a single-family home as the preceding generation when structure-type occupancy rates are disaggregated by housing tenure. Exceeding the rate at which young adults bought single-family homes during the housing boom, 90 percent of 25-34 year-olds who purchased a home between 2012 and 2013.“Millennials have become an increasingly important source of demand in the home sales market,” the report said. “Recent studies indicate not only that Millennials have become the dominant demographic in the sales market, but they also find that the large majority of Millennials are purchasing single-family homes.”Fannie Mae believes that the rising popularity of single-family homes came after the housing bust and tightened credit standards shifted the distribution of homebuyers toward more affluent households. The proportion of recent homebuyers aged 25-34 who resided in single-family homes in 2013 was 2.3 percentage points greater than in 2006 and five percentage points higher than in 2000.Single-family homes make up 90 percent of the nations owner-occupied housing stock, making it a popular choice for young homebuyers, Fannie Mae reported. The proportion of 25-34 year-old homeowners who resided in a single-family home in 2013 was 1.5 percentage points greater than in 2006 and 4.4 percentage points more than in 2000.“A sharp rebound in multifamily construction, but only modest gains in single-family homebuilding, have characterized the housing market recovery,” the report said. “However, the continued popularity of single-family housing among today’s young adults should give pause to those who argue that a fundamental generational shift has occurred in housing-type preferences. Millennials’ desire for single-family homes not only remains robust, but should strengthen in coming years as more members of the cohort age into their thirties, prime years for first-time homeownership. Given the massive size of the millennial generation, this life-cycle progression should support continued recovery in housing construction and bodes well for a stronger rebound in the single-family sector in the second half of the decade.”Click here to view Fannie Mae’s complete Analysis.  Fannie Mae Housing Market Millennials Single-Family Homes 2015-07-01 Staff Writercenter_img Millennials Favor Single-Family Homes when Establishing Households Sharelast_img read more

Go back to the enewsletter Accor has opened the do

first_imgGo back to the enewsletterAccor has opened the doors of its newest luxury Melbourne hotel – Shadow Play by Peppers – in the city’s vibrant Southbank arts and entertainment district.The 46-storey landmark hotel features an exquisite selection of spacious one and two bedroom apartments with full kitchen and laundry facilities and floor to ceiling windows for lashings of natural light and incredible city or bayside views.In-room mini bars are stocked with locally sourced produce and, for the ultimate indulgence, guests can stay in a Two Bedroom Corner Apartment which comes complete with a private outdoor winter garden.Avant garde design elements feature throughout the property, breaking tradition and routine hotel design with a cohesive collection of contrasts – light and dark, formal and informal, and seductive dark statement pieces contrasting with white stone and timber.Shadow Play by Peppers | Winter GardenOn arrival, guests are welcomed to the hotel in a beautifully appointed lobby on the ground floor, which flows into Edwin Wine Bar & Cellar.This brand new venue is positioned to be one of Melbourne’s finest food and wine experiences with its seasonally curated menu and extensive wine list, with distinct Victorian flavour, meticulously selected by the Edwin Wine Bar & Cellar’s sommelier.Shadow Play by Peppers also boasts an array of unique guest spaces including a heated pool, gymnasium, sauna and steam room, and an enclosed garden space on the 46th floor, complete with a freestanding fireplace, a lavish guest lounge and library with an adjoining patio, and commanding bayside views.Shadow Play by Peppers | 1 Bedroom ApartmentNestled in the heart of the city and within walking distance to the Eureka Skydeck, Melbourne Arts Centre, the National Gallery of Victoria, Crown Casino, the Melbourne Convention & Exhibition Centre, and the city’s finest shopping and dining precincts, Shadow Play by Peppers offers a stylish urban retreat for leisure and business travellers.“We’re excited visitors to Southbank can now experience Peppers’ unique style and acclaimed hospitality. Shadow Play by Peppers has added a new level of sophistication and luxury to Melbourne’s accommodation offering, which caters perfectly to an increasingly selective global market that is looking for quality, location and facilities of a world-class caliber,” Accor Chief Operating Officer Pacific, Simon McGrath said.Shadow Play by Peppers is the brand’s second Melbourne property. The first, Peppers Docklands, opened in January 2016.Experience Shadow Play by Peppers from $199* per night in a One Bedroom Apartment including breakfast for two and Wi-Fi.See www.peppers.com.au/shadow-play*Conditions apply, subject to availability. Valid for sale and travel until 30 September, 2019.Go back to the enewsletterlast_img read more