Homebuilder Centex is answering Generation Y’s call for affordable, new homes that compare to apartment rental prices with the launch of its Independence Series of homes.
Generation Y, which includes twenty and early-thirty somethings, has been struggling for years to find affordable housing.
Noticing pent-up demand within this demographic, Centex’s Independence Series offers brand-new homes in the range of $105,000 to $129,000.
Monthly payments for the homes will fall roughly in the $775-to-$999 range. The home series was first rolled out in the Greater Chicago, St. Louis and San Antonio areas. The builder, which is a subsidiary of PulteGroup, plans to bring the series to other markets in the future.
"After absorbing multiple years of significant increases in rental rates, the scale has tipped for many apartment dwellers in favor of purchasing a home," said Deborah Meyer, senior vice president and chief marketing officer for PulteGroup (PHM), the parent company of Centex. "Based on today's lower home prices, coupled with mortgage rates on 30-year, fixed-rate loans that are at or near record low levels, home attainability has never been better."
The series offers five different floor plans and a series of features, including mudrooms, flex rooms, basements and lofts.