Home Is Where the Murphy Bed Is

Generation Y is growing up, heading to the workforce and into housing districts across the nation. Margaret Jackson, staff writer for the Denver Post detailed the characteristics of Generation Y homebuyers as compared to those of preceding generations. The May 2, 2006 article followed a 23-year-old Gen Yer, Bryan Hollermeier, who purchased his first house at $273,000. Jackson reports, "He took out an interest-only, 30-year mortgage with no money down and planned to keep it for no more than five years. To enhance its resale value, he spent as much as he could afford on upgrades that would make the home attractive to families." The article continued to note the following findings:

• Generation Y homebuyers do not mind taking out a mortgage and borrowing money.


• They search the Internet extensively before even entering the homes.


• They tend to be highly optimistic.


• They would not mind living with parents or getting a roommate to save money for a down payment or a mortgage.


• They look for incentives from homebuilders.


• They are into multifunction furniture and rooms such as Murphy Beds.