One out of three Taylor Morrison buyers during July and August were Millennials.
Five years ago that generation made up 20% of the national home builder’s sales, CEO Sheryl Palmer told CNBC’s Jim Cramer in a Mad Money interview.
Affordability issues are real and vary from market to market, but they are “not as real as I think the media portrays,” she said. “Everyone talks about the Millennials like they’re just one group of people and they’re not buying. We’re just not seeing that,” Palmer said. “In fact, we’re finding exactly the opposite: They’re quite qualified.”
Taylor Morrison looks at Millennials, those ages 22 to 37, as a split generation. About 75% of Millennials who are 30 years or older are in the process of buying their second houses, Palmer said. The home construction firm targets Millennials and Baby Boomers, which she estimated makes up about 166 million people.
The average age of a Millennial wanting to buy is that 32-33 [range] and that’s generally directed through marriage — more important, children — and ... they’re quite excited,” Palmer said. “They want exactly what they grew up with.”