BUILDER NEWS Youth Movement: Why Millennials Are The Ideal Customers For New Home Builders A lthough the millennial generation has developed a reputation of being less motivated than previous generations (some seemingly content to live in their parents’ homes indefinitely), it turns out that they’re beginning to think about their futures more seriously. According to one survey, the number of first-time home buyers between 2016 and 2017 has risen from 33% to 52%! More importantly, of that 52% of home buyers, 60% are millennials. With their futures unfolding before them, they are starting to shift their priorities and expectations as they prepare to buy their first homes. With that in mind, let’s go over the millennial demographic and why they are an ideal customer segment for builders. Why millennials are the ideal customer segment for new home builders: Metro areas are becoming too expensive for them. For many millennials, the prospect of moving to a larger city such as Los Angeles, San Francisco, and New York has had a huge draw because of the accessibility to popular entertainment and nightlife venues, trendy restaurants and cultural interests. But with home and apartment prices skyrocketing in major cities like these, they’re beginning to look to the suburbs due to the lower cost of living. In fact, according to the Urban Land Institute study, the rate of millennial homebuyers in urban locations has dropped significantly from 21% in 2015 to 15% in 2017! Read More Look no further for an insurance agent who can work with you to design an insurance portfolio just right for your business. If you engage in construction or remodeling of one or two family residences in CT then I want to talk to you. Our construction insurance program includes: • General Liability • • • Property Business Auto Inland Marine • Workers Compensation • Umbrella • Builders Risk Kim Marie DiMatteo, CIC, MWCA I have been in the construction insurance business since 1992. I know the markets, the products, and what’s right for you. Call me today to schedule a convenient appointment. 79 Bridgeport Ave, Shelton, CT 06484 | 203.924.5429 | www.dimatteogrp.com 26 HBRA of Fairfield County | OCTOBER 2017
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