HOUSING UPDATE
In recent years, there’s been a significant shift in how wealth is distributed among generations. It’s called the Great Wealth Transfer.
Historically, the transfer of wealth from one generation to the next was a more gradual process, often limited to smaller amounts of inheritance or family savings. But today, the scale has increased in a big way. As a recent article from Bankrate says:
“The biggest wave of wealth in history is about to pass from Baby Boomers over the next 20 years, and it’s going to have major impacts on many facets of life Called The Great Wealth Transfer, $84 trillion is poised to move from older Americans to Gen X and millennials If it’s managed smartly, Americans will be able to grow their wealth and ensure their financial security ”
Basically, as more Baby Boomers retire, sell businesses, or downsize their homes, more substantial assets are being passed down to younger generations And this creates a powerful ripple effect that’ll continue over the next few decades The graph below uses data from Merrill and Cerulli Associates to give you an idea of how much inherited money is set to change hands through 2045:
While affordability remains a challenge in today’s housing market, the ongoing Great Wealth Transfer is poised to unlock new opportunities. As wealth is passed down and put to use, it’s expected to ease some of the barriers to homeownership and fuel other entrepreneurial endeavors.
ImpactontheHousingMarket
One of the most immediate effects of this wealth transfer is on the housing market Home affordability has been a concern for many aspiring buyers, especially in highdemand areas The increase in generational wealth is expected to ease some of these challenges by providing future homeowners with greater financial resources As assets are passed down through generations, buyers may find themselves in a better position to afford homes Merrill talks about that benefit in a recent article:
Source: Merrill,Cerulli Associates
“The biggest wave of wealth in history is about to pass from Baby Boomers over the next 20 years, and it’s going to have major impacts on many facets of life Called The at Wealth Transfer, $84 trillion is poised to move from er Americans to Gen X and millennials If it’s managed artly, Americans will be able to grow their wealth and ure their financial security ”
pactontheEconomy
the Great Wealth Transfer doesn’t just impact sing. It’s also going to provide a new avenue for repreneurial spirits to fuel economic growth. If meone is looking to start a business and they’re eiving funds like this, that money can used as the essary capital to start a new company. This helps the t generation of innovators and business owners bring ir ideas to life.
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Sought By
TheNextGenerationofHomeowners New Interior Design Trends
Gen Z and Millennials embrace home decor styles driven by self-expression and social influence One way the developers cater to new architectural and design trends is by activating new floor plan elements such as offset alignment of the front and back doors, optimized staircase placement, and front doors that face away from the street In other ways, they're preparing indoor spaces with architectural elements like plaster details, popular tiles, and a depth of natural materials.
1.Dark Academia
"[Think traditional academia,] but with a Gothic twist," notes Stephanie McCarty, Taylor Morrison Chief Marketing and Communications Officer Homes channeling academia always embody a cozy and inviting atmosphere, but this approach using dark tones and rich wood finishes helps to further evoke a sense of intellectual comfort and a scholarly ambiance The aesthetic incorporates: a rich and moody color palette; rich, dark wood tones; plush textures and patterns; bold statement pieces; intricate plaster details evoke a sense of intellectual comfort and a scholarly ambiance.
Luxury has become more refined as homeowners opt to master the art of subtlety From floors to walls and furnishings, it avoids the opportunity to create contrast, opting instead of a minimal color palette (maybe with cooler earth tones that suggest a touch of Scandinavia) With accents like these, it's easy to create a space that's luxurious while being anything but neutral
Unlike former coastal trends, Coastal Grandma uses more of the floral and botanical prints you might associate with your grandparents' home, while making it modern with refreshing linen upholstery and treatments, contemporary wood and rattan furnishings, and an assortment of colors in muted, earthy tones In many ways, these are already considered to be vintage, iconic pieces reminiscent of their youth And yes, you might see a few vintage pieces from Grandma's own collection
4. Dopamine Design
We liken the dopamine design aesthetic to traditional "maximalism," wherein a homeowner uses the space to celebrate self-expression and personal style in home decor Yes, it's sort of the opposite of quiet luxury, but many buyers are determined to create their own, unique space.
5. Southwestern
Have you picked up on the emphasis given to natural materials? The Southwestern interior design aesthetic embodies the American West in a spirited way. With an abundance of rustic finishes and desire to create a very, very cozy space, the aesthetic works to celebrate the rugged beauty and culture of the Southwestern United States
2. Quiet Luxury
3. Coastal Grandma
THE BEST GARAGE FLOOR OPTIONS
can protect more than your car. Easily repurposed, they can become a storage space, home gym, or workshop for DIY projects. Here are some of the most popular garage floor options and their pros and cons.
CONCRETE
Concrete floors are generally resilient with a beautiful reflective finish. They can withstand high pressure without giving way to wear and tear. Whether polished, painted, or stained, concrete garage flooring is affordable and readily available for a fast turnaround. Although polishing can be time-consuming, polished concrete is stain-resistant and easy to clean, making it ideal for car storage, art projects, and mudroom use. However, it offers no cushion or insulation, so it's best for attached garages and moderate climates. Painted concrete is versatile and allows for a truly customizable look. Some specialty paints can also reinforce the concrete and protect it from fuel and oil spills. However, painted concrete is prone to scuffing and chipping, especially common with daily garage use.
VINYL PLANK
Standard vinyl garage flooring includes vinyl plank and composite tile (VCT). Vinyl plank, or luxury vinyl tiles (LVT), is fantastic for low-traffic garages. It is available in different types, including engineered vinyl plank (EVP). Available in various styles and wood-mimicking finishes, LVT is waterproof and easy to clean. But vinyl plank is not climate-resistant. If your garage is exposed to the elements, this may not be the best choice. Similarly, it is not made to withstand the weight of vehicles and the stains they can leave behind Vinyl composite tile (VCT) is more robust than vinyl plank because it combines vinyl chips with durable fillers like limestone. Keeping it shiny, however, requires a lot of maintenance, including regular cleaning, buffing, and waxing. It can also easily be stained by car tires or leaks
INTERLOCKING RUBBER TILES
Much like the flooring in a gym, rubber tiles can be perfect for a garage retrofit for a home fitness enthusiast or a playroom. Rubber tiles are available in different colors and can be customized with several patterns and borders They're great for hiding cracks in a concrete floor, though they work best when the garage floor is level.
Rubber tile flooring requires limited maintenance, is easy to clean, and is reasonably priced. They can be installed on any subfloor and complement concrete floors well
EPOXY FLOORING
This garage floor option involves applying a coat of paint containing a built-in hardener to the existing floor. Epoxy flooring is durable, has a great aesthetic appeal, and is available in various colors and finishes, including marble, metallic, and granite Epoxy is damage-resistant and can handle substantial weight.
The disadvantage of epoxy flooring is that it emits an unpleasant odor that is especially toxic during application. It has a lengthy curing time that may extend up to 72 hours, depending on the type of coating and amount of paint applied. This flooring does not absorb moisture and, when wet, presents a significant slipping hazard
STONE FLOORING
This garage flooring includes higher-end options like sandstone, graphite, and flagstone. These usually come in tile or pebbled (bound with epoxy). They can have a sophisticated look when professionally fitted and installed. The cost of installation is higher than other garage flooring, which can be a deterrent for homeowners. Since stone flooring can become extremely cold in winter months, it's not ideal for continued personal use. And while this kind of flooring can withstand the weight of parked cars and vans, stone is porous. This means any leaks or spills will likely stay unless the garage flooring is professionally cleaned The aesthetic benefits have to be weighed against practicality.
Garages
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PAINT DESIGN BOARDS
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