Miami-based Lennar Corp. (NYSE: LEN), which sells homes for an average of $515,000 in metro Phoenix, is introducing a more affordable home design that starts in the low $300,000s.

The homebuilder is launching a new series called Premier Homes, addressing the need for first-time homebuyers at a time when mortgage interest rates are keeping many potential homeowners in rental units.

The goal is to offer homes where monthly mortgage payments are in the $2,000 to $2,500 range, which is what many renters are currently paying in build-to-rent communities being developed across the Valley, said Michael Dowell, senior vice president of sales and marketing for Lennar.

Lennar was able to keep construction costs down by offering only three standardized plans for homes ranging from 1,250 to 1,400 square feet.

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By Angela Gonzales - Senior Reporter, Phoenix Business Journal