This is the year that baby boomers will pass the torch to millennials as the largest living adult generation. They will also be passing along trillions of dollars to their millennial heirs in what’s being called the Great Transfer of Wealth. A new report looks at a growing population of millennial millionaires, and how they will spend and invest their money, where they will live, and what kind of properties they will buy, along with other key features of the millennial mindset.
The number of single home buyers is trending higher, along with demand for smaller homes. People who live alone account for 28% of all U.S. households right now. That’s some 36 million homes, and that number is expected to grow by another 5 million in the next ten years. According to Builder.com, it’s a trend that should be factored in to our future housing needs.