About half of America’s would-be homebuyers are Millennials, but many have postponed their first home purchase because of sizeable student loan balances and lifestyle choices. However, there are clear signals that more Millennials are now ready and willing to take on a home mortgage. That’s especially true in metro areas that rank high on WalletHub’s “Fun Index,” U.S. News & World Report’s “Quality of Life” index, and Meyers Research’s “Housing Availability” metric. According to the real estate market analysis, there were seven metro areas where building permits grew by 15 percent or more last year, including Orlando, Houston and Minneapolis.
Builders in those communities and elsewhere have done their homework on what Millennials desire in a neighborhood – things like dog parks and easy access to transit. Homebuilders have also noted that these young buyers have strong preferences in home cladding: brick, stone and wood (or mixed use of those materials).
When asked to rate exterior materials that are “essential or desirable,” NAHB researchers found that 66 percent of Millennials chose brick or stone – and 49 percent chose wood or engineered wood siding products. Fiber cement siding finished in last place.
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NAHB also found that Millennials’ “Top 10” list of desired home features included hardwood flooring on the main level, which calls for exceptionally strong and straight sub-flooring.
LP Legacy® Premium Sub-Flooring offers one of the industry's strongest sub-floors and keeps hardwood floors free of moisture.
There are 75 million Millennials who are now entering the prime of their careers. Just like their Boomer parents, they’ll buy homes from builders who are attentive to their needs and choose materials accordingly.
The supply of modestly priced starter homes continues to drop nationwide. A recent report by Realtor.com found that the number of homes priced above $750,000 grew 11 percent last year, while the number of starter homes priced under $200,000 fell by 8 percent.Continue Reading
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While it’s perfectly alright for a jazz musician to improvise, that approach doesn’t always work as well in homebuilding. Architects, specifiers, engineers and product reps spend many hours collaboratively choosing the right materials for each job – and an abrupt substitution to save a few dollars can ironically be very costly in terms of callbacks, design underperformance and even code violations. “Ideally, all parties involved – the architect, builder and developer – have reviewed the spec before it’s final and have agreed on all the products being used,” says Karen Alves, LP Brand Marketing Associate. “That’s because finding an ‘equivalent’ for siding or fire-rated sheathing involves not just the substrate but the codes that the product meets as well.”