Clayton Homes of Maryville, Tennessee, has released the results of a study entitled “Millennial Homebuyer Research” that reveals some of the attitudes about manufactured homes as they relate to millennials and first-time homebuyers. This study was conducted by Hanover Research in September 2014 and includes the responses of 547 participants.

PR Newswire tells MHProNews that the research results conclude that as the millennial generation matures and improves its buying power, it will become one of the most influential market segments in the housing industry. Companies that build, rent and sell housing will need to cater to this emerging generation in order to stay relevant in the coming years. This fact, coupled with the overall attitude change in home buying after the recent housing crisis, has forced homebuyers to think differently about their future investments.

“People today expect more customizable options and upgrades when they are looking at housing options,” Clayton Homes CEO Kevin Clayton said. “They are not only focusing on a home that is affordable, but one that fits their personal wants and needs.”

This research shows that the millennial generation is unlike others when it comes to their housing wants and needs. Comprising 80 percent of first-time homebuyers, millennials are drawn to value above all other product perks. Quality and customization are worth the extra costs, as long as they can get a home tailored to their lifestyles. Some trends derived from Clayton’s survey include:

• Forty percent of those surveyed between the ages of 18-34 (millennials) plan to buy a home within the next four years, creating a huge new pool of potential homebuyers. Millennials are more likely to consider manufactured housing than non-millennials.
• The millennials surveyed are less concerned about the size of their home as compared to previous generations. They look for smaller, more-efficient spaces, but want those spaces to have design accents and the latest technology.
• 91.1 percent of homeowners surveyed consider energy efficiency extremely important.

“Homeowners today are looking to invest in value, but expect to get all of the modern upgrades and features as well,” Clayton said. “Because of our affordability, focus on energy efficiency, customizable features and world class customer service, Clayton Homes is set to open doors to homeownership for many years to come.”

Clayton Homes has built quality homes since 1956 and builds, sells, finances, leases, and insures manufactured and modular homes, as well commercial and educational buildings. Clayton Homes is a vertically integrated Berkshire Hathaway company. ##

(Photo Credit: PR Newswire)

 

Article submitted by Sandra Lane to – Daily Business News – MHProNews.