One of the biggest variables for builders in the past few years has been predicting the influence of Millennials. Though many of them are in their early 30’s, they have yet to buy a home due to tough lending standards, student debt, and slow wage growth. In short, they continue to rent because they don’t have the money to buy a house. Which is problematic for home builders waiting for a wave of Millennials to buy new homes.
But, according to a piece in the Wall Street Journal, Millennials have finally started to buy homes. The number of new-owner households was double the number of new-renter households in the first quarter of this year, the share of first-time buyers is creeping back toward the historical average, and mortgages for first-timers are on the rise.
Consequently, home builders are shifting from building large luxury homes back to “starter” homes for first-time buyers. These homes are smaller, reflecting the tight economic straits and simpler demands of these buyers. As noted in the Wall Street Journal article, “while economists and builders said lending standards have started to ease, getting a mortgage remains challenging for young buyers with shorter credit histories and, in many cases, student debt.” So, Millennials may be ready to become homeowners, but they can’t afford anything too extravagant.
At Evans Coghill Homes, we are ready and waiting for Millennials. Our one-level ranch style homes at Riverwalk are perfect for first time buyers. Though the floor plans are compact, the open designs, outdoor living spaces, and plentiful windows make these homes feel huge! Plus, Riverwalk has amenities that Millennials love, including the 3-mile Riverwalk trail and the Rock Hill Outdoor Center. Located on the banks of the Catawba River, Riverwalk also offers canoeing and kayaking. Its master plan includes a YMCA and athletic fields, Town Center, River District, professional office space and residential, all thoughtfully connected and complemented by pedestrian and cycle friendly streetscapes and trails.
If you’re a Millennial, an Evans Coghill home at Riverwalk is a great investment. Our homes include elegant features and finishes like granite countertops, real hardwood floors, covered porches, interesting architectural details, and so much more. Homes range from 1,760 to 2,917 sq. ft., and are priced from $299,000 – $625,000. Even better, several of our homes in Riverwalk are available for move-in! For more information about living at Riverwalk, contact Tracy Olson at 803.366.4588 or email@example.com.
We were named Builder of the Year in 2016. Our homeowners have continued to give us positive reviews and survey results. Read more about what they have to say here. Evans Coghill Homes builds new homes in Riverwalk, Springfield, Ft Mill, and Cheval.