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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Business Advice5 min

How Remodelers Can Increase Business with HOAs

Home Owner Associations (HOAs) are the governing bodies of many communities throughout the U.S. – and remodelers can miss out on HOA business if they don’t take the time to study the associations’ design review process.

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Industry Trends4 min
Trends in Exterior Colors and Materials

“The use of color is widely recognized as an important strategic advantage in successfully marketing new residential developments. Color creates a sense of arrival and a sense of place – often long before a community is fully built.”

Industry Trends5 min
How LP Finds Research Talent

Materials like plywood and gypsum haven’t changed much in decades, but engineered wood is continuously evolving. While LP is more easily able to connect with university students studying design, finding tomorrow’s innovators can be challenging because there’s a limited number of college graduates with experience in wood-based composite research.

Business Advice4 min
Using the Job Site to Brand Your Company

One of the best ways to market your construction company is to use signage on or near the job site. It’s possible that more people will see your signage in a single day than those who view your logo online in a week.