National homebuilder helps address housing crisis for under-35 generation
MARYVILLE, Tenn., Dec. 7, 2017— Clayton, one of the largest home builders in America, is focused on providing affordable housing options that fit the needs and wants of the millennial home buyer, who makes up 35% of the company’s current customer base.
As a demographic, millennial home buyers also share different obstacles to obtaining homeownership than those who came before them. For instance, according to the Harvard Joint Center for Housing Studies (HJCHS), many first-time home buyers possess the household income to qualify for homeownership, but struggle to save money for a down payment due to lingering debts from student loans and other debts.
This combined with a low supply of available, affordable houses and a high pool of active buyers is driving up prices and competition. As a result, more millennials are choosing to rent or live with their parents.
The Needs of the Millennial Home Buyer
According to the U.S. Census Bureau, the share of millennials in 2015, or adults born between 1982 and 2000, is over 25 percent of the population. At 87 million strong, millennials are the largest generation in history according to HJCHS.
“Many millennial home buyers believe that owning a dream home is out of reach,” Clayton CEO Kevin Clayton said. “However, Clayton provides an affordable housing solution that fits within the budget of millennials, while not sacrificing on quality or amenities. Manufactured and modular homes are affordable, stylish, energy efficient and customizable – the perfect solution for such a unique generation.”
So, the millennial home buyer has preferences that differ in many ways from other generations. According to the Census Bureau, the median size of a new single-family home declined by 2 percent in 2016. While this is a modest decline, it is the first time since 2009 that the median size has declined. In addition, the millennial home buyer is focused on a home that is energy efficient. Clayton provides homes with energy efficient options such as programmable thermostats, upgraded insulation, double paned UV windows and sealed ductwork.
“This is a forever home, this is it,” explained Robert Woody, a millennial Clayton homeowner. “This is the best that we would want. We’ve got it made.”
To learn more about available home features from Clayton, visit claytonhomes.com/learn.
Founded in 1956, Clayton is committed to opening doors to a better life and building happiness through homeownership. As a diverse builder committed to quality and durability, Clayton offers traditional site-built homes, modular homes, manufactured housing, tiny homes, college dormitories, military barracks and apartments. In 2016, Clayton built more than 42,000 homes. Clayton is a Berkshire Hathaway company. For more information, visit claytonhomes.com.