Industry Trends5 min

Home Buying Habits of Millennials

New research from the National Association of Home Builders points to the home buying habits of millennials, the children of Baby Boomers and Gen Xers born between 1981 and 1996. According to the data, this age group tends toward purchasing homes that are older, smaller and less expensive than homes bought by older generations.

As the youngest group of buyers in the market with very little to possibly no accumulation of wealth, most millennials who buy homes are buying for the first time in their lives. In fact, three out of four millennials who bought a home in 2014 were first-time buyers, while the remaining quarter traded in their current home.

The research also shows that less than nine percent of millennials purchased a new home in the past year, while 12 percent of older home buyers bought brand new homes. Furthermore, more than two-thirds of millennial home buyers purchased single-family detached properties. Still, the millennial generation showed a slightly higher preference for multifamily condominiums than older home buyers. Almost nine percent of millennial buyers purchased a multifamily property while less than six percent of older home buyers fell into this category.

Read the full article from NAHB here.

 

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Industry Trends5 min

Helping Small Builders Compete Against the Giants

Big builder market share has doubled in the last 25 years and now represents about 50 percent of housing starts nationwide – and even 75 percent in some major metro areas. These mega-builders have huge budgets for both land development and marketing. It’s increasingly difficult for small and medium-sized builders to compete, but LP is committed to helping them prosper.

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Leading the Way in Supply Chain Innovation

To better serve its customers in areas of order accuracy and delivery predictability, LP has set some of the industry’s most aspirational supply chain goals. Senior leaders meet regularly with experts at Gartner, arguably the nation’s best consulting firm in the realm of supply chain optimization. The aim is to apply best practices in procurement, logistics and working capital across more than $1 billion of addressable spend.

Business Advice5 min
The Importance Of Vapor Permeability In Building Envelopes

For weather-resistant barriers (WRBs), ASTM has developed rigorous tests for water resistance and water penetration, plus an air barrier assembly test. But an equally important test is ASTM E96, which measures water vapor permeability over a 24-hour period.

Industry Trends5 min
How “Attainable” Are New Homes?

When people talk about home “affordability” it boils down to one number: the asking price. But home “attainability” is a more complex equation. Attainability refers to a prospective buyer’s ability to find an entry-level home (no easy task these days), obtain a loan and pay for 30 years of ancillary costs like utilities, maintenance and insurance.