Overview
Lennar Corporation, founded in Miami in 1954, is one of the largest homebuilders in the United States. The company’s core business is constructing and selling single-family attached and detached homes, serving first-time, move-up, active adult and luxury buyers, and it also participates in residential land development and sales.[1][2][3][4] Beyond homebuilding, Lennar operates related real-estate services businesses that provide mortgage financing, title and closing services, property and casualty insurance, and multifamily rental development.[5][6]
Lennar is organized around Homebuilding, Financial Services, Multifamily and Lennar Other, with its operations concentrated across U.S. markets rather than international geographies.[7][8] Its homebuilding footprint spans East, Central, South Central and West regions, including major markets such as Florida, Texas, California, and other states across the country.[8][9] The company’s operating approach emphasizes standardized plans and its “Everything’s Included” offering to simplify the homebuying process, while its culture is framed by the idea of “Everyone’s Included.”[10][11][12][13] In fiscal 2025, Lennar reported total revenues of $34.2 billion and employed 12,532 people.
Products & services
Lennar’s main products are single-family attached and detached homes, along with residential land that it purchases, develops and sells. Its home lineup spans offerings for first-time, move-up, active adult, luxury and multi-generational buyers, in settings ranging from urban infill communities to suburban golf course communities. In fiscal 2024, Lennar said its average home sales price was $423,000, and homebuilding generated approximately 96% of consolidated revenue, making it the company’s dominant product line.[16][12][17]
Within those homes, Lennar emphasizes its Everything’s Included® offering, which packages luxury features as standard items at competitive prices and is intended to simplify construction through standardization and volume purchasing. The company says many homes also include built-in wireless capability, home automation and solar power. Lennar also markets its Next Gen® home, described as a “home within a home” that can accommodate children or parents or function as a remote-work office, and it uses standardized Core Plans across divisions as value-engineered plan series at different price points.[11][12][18][19]
Lennar also sells related financial and real-estate services. Through Lennar Mortgage, it offers conforming conventional, FHA-insured, VA-guaranteed and other residential mortgage products, and in fiscal 2024 its financial-services subsidiaries provided loans to 84% of Lennar homebuyers who obtained mortgage financing in areas where those services were offered. The company is also licensed to provide title insurance and closing services for residential and commercial transactions in 41 states, handling about 82,400 closings in 2024. In addition, its financial-services segment includes property and casualty insurance and LMF Commercial, which originates and sells into securitizations first-mortgage loans secured by income-producing commercial properties, generally in the $5 million to $50 million range, as well as floating-rate loans backed by transitional commercial real estate.
Geographic presence
Lennar’s disclosed operating footprint is predominantly U.S.-based and is organized mainly by domestic regions rather than by country. In homebuilding, the company reports four core regions plus “Other”: East (Alabama, Florida, New Jersey, and Pennsylvania), Central (Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee, and Virginia), Texas, and West (Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, and Washington). The “Other” category consists of urban divisions and other homebuilding-related investments, primarily in California. Lennar’s principal executive offices are in Miami, Florida, and it states that its homebuilding, financial services, and multifamily offices are located in the markets where it conducts business, primarily in leased spaces.[24][25][26][27][28][29][30][31]
For fiscal 2024, home sales revenue was concentrated in the West at $12.938 billion, or about 38% of total home sales revenue; East generated $8.623 billion, or about 25%; Central generated $7.618 billion, or about 22%; Texas generated $4.764 billion, or about 14%; and “Other” contributed $21.7 million, with total home sales revenue of $33.965 billion. Outside homebuilding, Lennar Mortgage operates from locations in most states where Lennar has homebuilding operations, Lennar’s title insurance and closing-services operations are licensed in 41 states, and its multifamily business has developed 123 communities totaling about 37,100 rental units across 20 states in the United States. Total employment was 13,265 as of November 30, 2024, although employee counts are disclosed by segment rather than by geography.
Business segments
Lennar’s external segment reporting is built around four geographically defined homebuilding segments—East, Central, Texas, and West—plus three additional segments: Financial Services, Multifamily, and Lennar Other. The East segment covers Alabama, Florida, New Jersey, and Pennsylvania; Central covers Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee, and Virginia; Texas covers Texas; and West covers Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, and Washington. Financial Services provides residential mortgage financing, including conforming conventional, FHA-insured, and VA-guaranteed loans, along with title, insurance, and closing services. Multifamily is focused on the development, construction, and property management of institutional-quality rental properties in selected U.S. markets, including projects intended for retention after completion. Lennar Other consists mainly of strategic technology investments intended to improve the homebuying and homeownership experience and reduce SG&A expense.[35][36][24][25][26][27][37][20][21][38][39][40][41][42]
Using 2024 revenue as an approximation of segment contribution, the four homebuilding regions together generated about 95.7% of total company revenue, while Financial Services contributed about 3.1%, Multifamily about 1.2%, and Lennar Other about 0.04%. Within homebuilding, West was the largest region at about 38.2% of homebuilding revenue, followed by East at 25.0%, Central at 22.5%, and Texas at 14.1%; on a total-company basis, those regional shares were approximately 36.6%, 24.0%, 21.5%, and 13.5%, respectively. Lennar’s homebuilding tables also include a small homebuilding “Other” category—about 0.1% of homebuilding revenue in 2024—covering urban divisions and other homebuilding-related investments, primarily in California, including FivePoint; this is distinct from the separate Lennar Other reportable segment.
Company history
Lennar’s roots date to 1954, when Gene Fisher and Arnold Rosen formed F&R Builders in Miami, Florida; Leonard Miller became a co-owner in 1956, and in 1971 Leonard and Arnold combined their names to rename the business Lennar as it became a public company.[45] Lennar completed its initial public offering in 1971 and listed its common stock on the New York Stock Exchange in 1972, and in 1973 it expanded into mortgage financing by forming Universal American Mortgage Company.[1][45] In 1989, the company introduced its “Everything’s Included” offering as a notable product and marketing milestone.[45]
From the 1980s through the 2010s, Lennar grew from a local builder into a broader national homebuilder through organic expansion and acquisitions, including Pacific Greystone in 1997 and U.S. Home in 2000, which expanded its reach into additional states.[1] It continued that expansion by acquiring several regional homebuilders from 2002 through 2005, entering Georgia, Oregon, Washington and Tennessee from 2010 through 2013, and then buying WCI Communities in 2017 and CalAtlantic Group in 2018.[1] More recently, in 2025, Lennar completed the spin-off of Millrose Properties, marking another major step in the company’s evolution.
Sources
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