In a recent interview with CNBC's Jim Cramer, home builder Toll Brothers' CEO Douglas Yearley says that the trend of Millennials marrying later and buying a home later is good for business.
It's possible that more Millennials will be able to afford higher-end homes as they wait longer to buy, says Yearley. "If not, they're going to buy the homes from our buyers, because ... while we're not selling the starter home, that's in our food chain. We need that to be healthy," adds Yearley. CNBC reports that 57 percent of first-time homebuyers are married, versus 75 percent in 1985.
Millennials may be frequently blamed for destroying industries like brick-and-mortar retail, but their habits aren't exactly bad for homebuilders like Toll Brothers, the luxury construction company's CEO told CNBC. "We know they're marrying later, so they're buying homes later, but that also means they're wealthier when they buy," CEO Douglas Yearley told "Mad Money" host Jim Cramer in an interview.
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