About 7 percent of Millennial renters in the Dallas metro area expect to rent forever, America’s priciest real estate markets revealed, an architectural lecture is set for Dec. 3, and a $1.5 billion mixed-use development is underway in Lewisville, all in this week’s roundup of real estate news.
Small Percentage Of Dallas Millennial Renters Plan To Never Own A Home
Apartment List recently studied Millennials and their plans for homeownership, finding that many are content with life as a renter.
Olyvia Ruhlmann of Apartment List released the following findings, specific to the Dallas area:
- Seven percent of Millennial renters in Dallas metro expect to rent forever. But of those who expect to purchase a home, 47 percent have not yet started saving toward a down payment.
- At current savings rates, just 29 percent of Dallas’s Millennial renters will be ready to put down 10 percent on a median-priced starter home in the next five years.
- Forgiving student loan debt would be a major boon to Millennial homeownership. If debt payments were instead put toward saving, the percentage of Dallas Millennials renters ready to buy a home is estimated to rise from 29 percent to 42 percent.
- To cope with high costs, some Millennial renters look for down payment support from family. Millennials are expecting less support this year ($9,000) than last year ($10,000).
California, New York Have Priciest Real Estate Markets
Although you may not have heard of Atherton, Calif., it just put itself on the map as the most expensive city in America to own a home.
The median home price there is $7.05 million. Google’s executive chairman and a former HP CEO are among the famous residents.
Atherton is followed by Sagaponack, N.Y., another previously unknown Hamptons locale that houses a 29-bedroom hangout with a 100-car garage.
No. 3 is Santa Monica, Calif., with a $4.15 median home price.
I think I’ll stay in Dallas.
Source: Housing Wire
Upcoming Events Include Forum Lecture, Picnic In The Park
The Dallas Architecture Forum is hosting Michel Rojkind, founder and principal of Rojkind Arquitectos, at 7 p.m. Dec. 3 at the Horchow Auditorium in the Dallas Museum of Art.
Rojkind Arquitectos, in Mexico City, is focused on design and experimental innovation, addressing challenges of contemporary life by designing compelling architectural and urban planning solutions that positively impact our society and environment,” according to the architect’s biographical information.
Another planned event to put on the calendar is The Design Society Park Pavilion Picnic, set for noon to 2 p.m. at Cotillion Park Pavilion, 3600 Barnes Bridge Road, Dallas.
The relaxed afternoon offers an opportunity to enjoy hot chocolate (bring your own mug) and visit with fellow Design Society enthusiasts at the Mell Lawrence-designed park pavilion.
Phase I Of Lewisville Mixed-Use Complete
The first phase of a $1.5 billion, 324-acre mixed-use development is complete, Bright Realty and Hill & Wilkinson General Contractors announced last month.
The nine-story Offices at The Realm has 235,000 square feet of office space and 16,000 square feet of restaurant space. A five-story outdoor mural is featured.
The rest of the building will house office space, retail, a multi-family development, a boutique hotel, trail system, and outdoor entertainment district.
The development, at Highway 121/Sam Rayburn Tollway and Josey Lane in Lewisville, is part of the Castle Hills community.
Phase II – a 260-unit, five-story, apartment community with ground-floor restaurant and retail space – is slated for completion in fall 2020.
Source: The Realm at Castle Hills