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Industry Trends5 min

Attracting More Millennial Homebuyers

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’sQuality 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.

Complement exterior mixed materials with LP® SmartSide® Trim & Siding

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.

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Industry Trends3 min

Answer Demand for Urban Living: Best Practices for Tall and Skinny Housing Builds

Many U.S. cities are experiencing population booms, and their new residents are demanding to live closer to the city’s core. This home building trend is encouraging “tall and skinny” construction, which is helping builders maximize the constraints of building on tight urban lots.

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To Our Valued Customers, At LP, our first priority – now and always – is the safety and wellbeing of our employees, our customers, and the communities in which we serve.

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