Are Millennials Starting to Buy Single-Family Homes?

MIAMI—There's no lack of discussion about Millennials and the housing market. Most of that discussion focuses on the multifamily lifestyle. Where do single-family homes fit in?

GlobeSt.com caught up with Deb Marton, director of sales for Central Communities, one of South Florida's largest homebuilders and is a subsidiary of 13^th Floor Investments, to get some insights. You can read more form Marton in my last article featuring her: The Single-Family Homebuilder's Secret.

GlobeSt.com: What role is the young professional demographic playing in this market and how are you seeking to attract them as first-time homebuyers?

Marton: Young professionals are playing a huge role in today's housing market. The challenge is that very little product meets their needs. After years of renting, this demographic is finally coming off the sidelines thanks to a stronger US dollar and rebounding economy. 

These Millennials are very location driven and are not willing to sacrifice being close to where they work and play. At Central Communities, we are working to reach these buyers in the ways that they like to consume and share information—via social media and other forms of digital communications.  The “tried-and-true” traditional advertising plans don't necessarily resonate for this demographic. 

GlobeSt.com: Why do you believe targeting end users is a more sustainable approach than targeting investors?

Marton: At the end of the day, there will always be families and individuals looking to enrich their lives, expand their families and seek upward mobility. A strong homebuyer can often be the best investor because of their interest and willingness to grow the asset over the long-term—and their ability to attract other like-minded buyers looking to be part of a community.  This approach allows us to be less reliant on what might be happening in other parts of the world or with the global economy because while market fluctuations will certainly impact buying trends, a buyer pool will still exist for the right product at the right price point.