Clayton, one of the largest home builders in America, is focused on providing affordable housing options that fit the needs and wants of millennials, who make up 35% of the company’s current customer base.
As a demographic, millennials 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. 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.
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