Fascinating study (albeit small scale) of the upcoming intergenerational wealth transfer from high-net-worth boomers to their millennial children – and the impact it will have on the real estate market.
25 to 49 year olds with high-net worth boomer parents are expected to receive an average of $3.8 million in inheritance:
- 16% of this group will inherit $10 million or more
- 18% will inherit between $5 million and $10 million
They’re expected to purchase large homes in cities
- 54% prefer urban locations as their personal residence
- 25% are looking to buy a home sized 5,000 to 7,500 square feet
- 23% want 20,000 square feet or more.
- Many are looking for four or more bedrooms and three or more bathrooms
- Luxury amenities most requested: jacuzzis, top of the line surveillance cameras, commercial-grade kitchen appliances.
Their preference is for loft-style homes with traditional building exteriors but with interiors featuring open spaces, contemporary design and modern conveniences.
This “New Aristocracy” (as they have been called), will ultimately be larger in number and greater in economic power than the wealthy in the gilded age of the Rockefellers – so look for them to be influential and set trends for a new style of luxury living, design aesthetic, travel, and philanthropy.
READ ON BELOW, for emerging trends in high-end senior housing (the other end of the spectrum) as well as 3 major home design trends for 2018.
StudioSIX5, an interior design firm focused on senior living facilities, is forecasting the following trends for the upper-end of the senior living market.
The boom of building more urban communities with more public-facing amenities that encourage increased socialization:
- Public-facing fitness centers
- Dining areas
Accent pieces and décor with local flavor, creating a sense of history within a space.
- Mass-produced items have less character and feel less personal.
Less restrictive cooking technologies:
- Hoodless cooking, sous vide, and induction ranges
- Farm-to-table offerings
- Energy savings
- Promote healthy sleep patterns
- Reduce anxiety by aligning lamp color temperature with residents’ circadian rhythms.
TOP 3 HOME DESIGN TRENDS FOR 2018
More casual (still):
- Formal furniture for dining, living and bedrooms has dropped by 30%
- Open floor plans continue to be the biggest trend – across all age groups.
It’s all about the Sink:
- Sinks in concrete, stone, copper and granite
- Darker hues e.g. gray, bronze or black.
- Trough and bucket styles
Concrete replaces white marble
Already used for floors and countertops, concrete now also showing up in home accessories and furniture. Concrete’s appeal is both rustic (farmhouse) and industrial.