There’s been a ton of talk within the homebuilding industry regarding millennials and their home buying preferences. Are they or aren’t they? Will they or won’t they? Or, most commonly—what’s taking them so long? Well, while this topic of conversation isn’t new to us it remains a subject of heated debate among our colleagues. So, we decided to do a little digging on our own to find out what this—and many other—important consumer segments are thinking when it comes to taking the new home plunge.
In a press release published in May, we shared some key findings to a national consumer survey conducted by Wakefield Research on behalf of Taylor Morrison. One of the biggest takeaways? 58 percent of millennials think that the American concept of a “forever home,” or a house that will last through all phases of a person’s life, is outdated.
Other interesting stats about millennials include that a third of these buyers intend to live in the next home they buy for less than 10 years and 80 percent are equally or more interested in a newly constructed home over a resale home.
But our survey didn’t stop there. We also looked at all prospective homebuyers who have purchased a home in the last three years, or who are likely to purchase a new home in the next three years.
In the last decade so much about the housing industry has changed—from locations where people want to live, to the types of homes people want to buy. Taylor Morrison offers great homes in excellent locations for a wide range of lifestyles and demographics, and I believe our business model is aligned with what homebuyers want. We offer homes for every phase of life. – Sheryl Palmer, Taylor Morrison’s president and CEO