South Florida is quickly becoming a central hub for millennials who are looking to purchase a home. The ongoing trend has been millennials to spend more time on higher education, marry further down the line, and as a result delay the purchase of their first home. In recent years, though, more and more millennials are getting ready to buy a home.
Florida, however, is in the Top 10 states in the country for millennial home buying and the reason for that being that Florida does not charge state income taxes, which can be money pocketed as savings for a down payment on a home. Port St.Lucy, in particular, is among the Top 10 cities nationwide responsible for housing a large percentage of millennials due to its affordable housing prices.
Interestingly, millennials were recently known to be the number one buying group to work directly with a realtor in the purchase process, as compared to baby boomers and those from generation x. As their reliance on technology is more so than that of other generations, the search for a home comes much easier to millennials as they strive to find a place that has everything they are looking for.
One trend we can expect from millennials in the home buying process includes a focus on fixer-uppers. This is a result of property prices increasing, while homes that require a lot more work also come with a smaller price tag. With more and more millennials out of college and already participating heavily in the workforce, there will also be an increase in the demand of homebuyers in the market, yet the supply of affordable properties in the market will not be enough. As more and more millennials prepare to join the homebuying process, we can expect an influx of competition in the search for the perfect home.TwitCount Button