Impact of Generation Y on The Housing Market

As the housing market recovery continues to push forward, 

Generation Y, also known as the Millennial Generation, are 

starting to make their mark and are reenergizing the market 

across the country. In fact, Millennials now make up 78 percent 

of current first-time homebuyers.

What are the defining characteristics of Generation Y? Also 

referred to as the Millennial Generation, Eco Boomers and the 

Internet Generation, this group has grown up in an environment 

of Internet resources, instant worldwide communications, digital 

technologies, intense multitasking and rising student debt. 

Millennials now make up 78 percent of 

current first-time homebuyers.

Although previous generations saw first-time homebuyers 

entering the market at an earlier age, typically in their early 

twenties, the Millennials have taken their time and are just now, 

collectively in their late twenties and early thirties, starting to 

enter the market. As the largest generation currently living, these 

entry-level homebuyers and their influx of new activity offers 

a potential added jump-start to the slowly improving housing 

market.

Generation Y faces a few additional barriers. Limited inventory, 

increasing home prices and managing a larger student loan debt 

than any generation before are all hurdles this group must jump 

before actually getting their foot in the door. In addition, the 

importance of credit scores in securing a mortgage approval 

are more important than ever before – and adaptations to credit 

scoring models have made securing and maintaining a high credit 

score more difficult for Generation Y and younger consumers 

with limited credit lines and shorter credit histories.

What the market is revealing is that 

Millennial homebuyers carry a median 

income of $73,600 and tend to purchase 

older homes averaging 1,800 square feet 

and costing around $180,000.

In fact, 20 percent of this age group had to put off a home 

purchase in order to save up for a down payment, where 

in previous generations they were able to receive financial 

assistance from families or dealt with lower down payment 

requirements. Of that group, 56 percent said student loan debt 

was the biggest obstacle. 

The good news is that those who recently bought homes are very 

optimistic about their decision. Of Millennials under 33 who 

recently bought a home, 87 percent consider their purchase to be 

a sound financial investment.

What the market is revealing is that Millennial homebuyers carry 

a median income of $73,600 and tend to purchase older homes 

averaging 1,800 square feet and costing around $180,000.

As this generation pushes forward, their homebuying activities 

will no doubt be closely watched and the impact on the housing 

market will be felt across the country.

By Marcus McCue, Executive Vice President Guardian Mortgage Company, Inc.

Roughly 598,000 SF of South Dallas Spec Industrial Underway

DALLAS (GlobeSt.com) – First Industrial Realty Trust has broken ground on a speculative industrial development on 49 acres.

First Pinnacle Industrial Center will consist of two buildings at 1241 Cockrell Hill Rd. — a 376,424-sf building and a 221,714-sf building. Both will be Class-A, state-of-the-art facilities with 32-foot clear heights and dock-high loading.

Expectations are for the buildings to be occupied by one or two users each.

Construction should be complete early in the fourth quarter.

Tenet Expands in Downtown Dallas

DALLAS (Dallas Morning News) – Tenet Healthcare Corp. is expanding its downtown office space.

The firm’s new lease is for more than 242,000 in the 60-story Fountain Place tower at 1445 Ross Ave. That's a 30 percent increase over its previous lease there.

Tenet's 700 employees will now occupy nine floors in the 1.2 million-sf skyscraper.

Victory Park Revisited: $100 Million Redevelopment Begins

DALLAS (Dallas Business Journal) – Work began Wednesday on the $100 million redevelopment of Victory Park, a project intended to enhance the neighborhood's walkability and connectivity.

The initial phase involves adding raised crosswalks and signalized crosswalks, and widening sidewalks to accommodate large outdoor patios. This phase is expected to be complete later this year.

Future phases will bring more retail, restaurants, entertainment and office space, as well as enhance storefronts and landscaping.

Dallas City Council member Adam Medrana said, "The hope is that these improvements will attract businesses and residents to the new development, which will in turn allow this thriving area to reach its full potential."

For some history on Victory Park, check out “V for Victory,” an article written by Center Senior Editor David Jones and Research Economist Dr. Harold Hunt for Tierra Grande magazine.

Texas Cities Among Best for Jobs

AUSTIN (Forbes) – Multiple Texas cities made Forbes “Best Cities For Jobs 2014” list in different size divisions.

Rankings were based on short-, medium- and long-term job creation going back to 2002, and they factor in momentum — whether growth is slowing or accelerating.

Texas cities making the "big cities" list (those with nonfarm employment over 450,000) were: Austin-Round Rock-San Marcos (3), Houston-Sugar Land-Baytown (5), Dallas-Plano-Irving (9), Fort Worth-Arlington (11), and San Antonio-New Braunfels (12).

The only MSA to make the "midsize" list was McAllen-Edinburg-Mission, landing at ninth. Midsize cities were those with between 150,000 and 450,000 nonfarm jobs.

The majority of Texas cities to make the "small cities" list (150,000 or less nonfarm jobs) were in oilfield regions: Midland (6), San Angelo (11), Odessa (15) and Lubbock (16). College Station also made the list at ninth.

HPISD salutes retirees for their years of service

Highland Park ISD would like to thank its dedicated employees who are retiring this year. Without their years of service to the education and support of our children, HPISD would not be what it is today. HPISD recognized retirees, along with other faculty and staff, at its Service Recognition and Professional Achievement Awards Banquet April 28 in the HPHS cafeteria. Thanks and congratulations go to: Randy Adair, HPHS Sherry Amyx, Administration Tammy Dubey, Administration Margaret Francis, Armstrong RuthAnn Funderburk, Hyer Billie Kissinger, UP Kay Kyle, Armstrong J.E. Masters, HPHS Binh Nguyen, Facility Services Deborah Pollock, HPMS Susan Rhoads, HPHS Ron Smith, Administration Terry White, HPMS

The Centennial memorabilia closet is filling up fast!

The fall of 2014 will mark the 100th anniversary for HPISD, and many community members are donating or lending cherished items from their school days to be used in displays and celebrations. Class of 1950 alum Pierce Allman loaned us his script of his senior class play, "The Man Who Came to Dinner." Thank you, Pierce! Because so many of our community members have donated or loaned us their wonderful items, our storage closet is quickly filling up. If you have a unique item that you would like considered for our display cases, please email a photo and description of the item(s) to hpcentennial@gmail.com. A member of the HPISD Centennial Committee will contact you shortly thereafter to let you know whether or not the item can be used.

Registration for ALL's summer children's classes is now open

Registration is now open for HPISD's Academy for Lifelong Learning's summer session June 4-27 designed just for children.   Sign up soon for fun-packed summer classes held this year at Armstrong Elementary. Students of all ages will have a blast in science camps, nurture their creativity in art and drama classes, play exciting gym games for hours, begin to learn how to speak Spanish or play the piano and much, much, more. Legos, chess, architecture, knitting, technology - there is something for everyone.   Summer is coming soon - don't wait another minute! View ALL's complete summer schedule to choose classes by clicking HERE, and call the ALL office soon at 214-780-3380 to register!

HPHS trainers offer athletic physicals May 17  The HPHS trainers will sponsor athletic physicals for all incoming seventh- through 12th-grade athletes May 17 at Highlander Stadium. Students must have physicals on file before tryouts, practices or competitions in middle school or high school athletics. Local doctors and nurses will conduct the exams, assisted by the trainers. The cost is $20, and payment by cash or by check payable to HP Sports Medicine will be accepted at the event.   To save time, the trainers recommend that parents download and complete the required form before their students arrive at the stadium. Click HERE for a schedule.

Scots cruise past Adamson, advance to 3rd round of playoffs

After a two-game sweep of Adamson High School, the Scots baseball team will advance to the regional quarterfinal round of the playoffs this week.  HPHS will face Prosper in a best-of-three series beginning at 7:30 p.m. Thursday, May 15 at Scotland Yard, followed by a second game at 7:30 p.m. Friday at Prosper. If necessary, a third game will be played at 1 p.m. Saturday at Scotland Yard. Adult tickets will be $5, and student tickets will be $3 at the gate. Click here for the playoff bracket. Go Scots!