Here's what Generation Y doesn't want: formal living rooms, soaker bathtubs, or a 3 car garage. In other words, they don't want their parents' homes. That was one of the discoveries at last week’s National Association of Home Builders conference.

Even though a lot of the conference was focused on the housing needs of aging baby boomers - their kids actually represent an even larger demographic. An estimated 80 million people make up "Generation Y," - people born roughly between 1980 and the early 2000s, about 4 million more people than the Boomer generation.

So what has the association found out about Gen Y? They want to walk everywhere. That’s why a whopping 88 percent want to be in an urban setting, where they can walk to shops, restaurants and mass-transit. And if they don’t have a car, they certainly don’t need a 3-car garage, like their parents had.

So is outdoor space important to them? Well, they only want enough space to have a grill and some friends over. They don’t want a lawn to mow.

Inside the home, Gen Y wants smaller rooms, a bigger shower stall and skip the tub. And in the living room, the space in front of the television needs to be big enough for Xbox Kinect video game action, and big enough to eat meals in front of the TV.

Residential designer David Senden has christened the Gen-Yers who are delaying marriage and family as "dawdlers." As a result, they want a nook dedicated to their pets – like an area to put a dog bed, bowls and toys – not a kid’s room or a baby nursery.