The new generation of homebuyers is here: Millennials are finally ready to dive headfirst into homeownership after dipping their toes for the last decade. The proof is in the numbers as they now account for 20 percent of Toll Brothers clients and one-third of all Taylor Morrison buyers. And as they did in other sectors such as retail, Millennials’ spending habits are changing the way the housing market functions as well-off homebuyers invest in luxury communities while others scour for affordable entry-level homes.
CNBC’s Jim Cramer on Wednesday said the wait is over as millennials are now buying homes in larger numbers, pointing to luxury homebuilder Toll Brothers’ earnings report for signs of proof.
“After a decade of cocooning, millennials want to buy homes that represent value, which is in keeping with the way they shop for everything else,” the “Mad Money” host said. “The delay in … homebuying is over, the spending is just beginning.”
Toll Brothers reported stronger-than-expected results in its fiscal 2019 fourth quarter, earning $1.41 per share on revenue of $2.38 billion. The company sold 2,672 units totaling $2.29 billion in home sales in the three-month period ending in October.
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