Builders Have "Responsive" Designs On Millennial Buyers
Investor's Business Daily's Marilyn Much looks at how builders like Toll Bros. and TRI Pointe Group are tapping into the housing needs and wants of the nation's largest generation in an effort to lure them off of the sidelines, and out of their rentals.
Focusing on technology requirements, and targeting designs that customize and adapt homes to changing needs, are a couple of the strategies being employed.
"Going through the recovery, the first-time buyer hasn't been there (in the housing market) because the millennials have delayed household formation," TRI Pointe Group's President and Chief Operating Officer Tom Mitchell told IBD. "They're now getting to an age and financial status where homebuying is important. We see the opportunity to increase market share by meeting their needs specifically."
Keeping the importance of the millennial segment in mind, TRI Pointe teamed up with Hanley Wood's Builder magazine for a two-home concept project dubbed the "responsive home." The homes are built by Pardee Homes — a member of TRI Pointe Group — at the Inspirada master-planned community in Henderson, Nev., a suburb of Las Vegas.