According to a recent study performed by the U.S. Census Bureau, Americans are not as transient as in past years. In fact, only 4.2 percent of the nation’s population relocated over the past year. That is almost half of the number of moves which took place thirty years ago.
Eighty-six percent of homeowners have no intention of moving within the upcoming three years because 58% of them truly love their homes and the remaining 45% don’t have any desire to leave their neighborhoods. Location, location, location!
The really impressive factors come into play when considering the 23% of Americans who are staying put because they wish to gift their homes to their families. This means that almost 14 million households will be lovingly passed down as a family heirloom in the future.
Millennials stand to benefit greatly from gifted familial homesteads as most of the recipients are currently living with Mom and Dad and are estimated to be between the ages of 18-34. The concept of passing down the family farm isn’t a new idea, however, it is obviously millennial-driven.
In addition, families are becoming increasingly generous in helping to finance homes for their children. In the past twelve months, 14% of home buyers utilized gifted funds from the family in order to afford a down payment. Eighteen to thirty-seven-year-olds comprise twenty percent of that number.
With Father’s Day quickly approaching, the significance of this matter does not go unnoticed. We celebrate those who contribute so greatly to the well-being of their children and value the sacrifices made to ensure such a legacy for generations to come.
Thank you, Dad!
Related: “Should the ‘Kids’ Pay Rent?”