For the past several years the tough job market has made it difficult for many millennials to get on their feet financially. Student loan debt coupled with a tepid job market has made a situation where younger buyers were having trouble getting into a place of their own. That has begun to change over the past two years though.
The forecast is bright for Florida millenials with the upsurge in jobs and companies migrating for Florida. “Florida is positioned to become one of the hottest spots in the country with rising demand, positive gains in recovery, really good fundamentals and positive momentum,” said Jonathan Smoke, chief economist of realtor.com®. He said 2015 was a good year and 2016 looks to be similar. Florida is quickly becoming the place where high tech companies are locating. The work force is here, or they are on their way, the property values are reasonable.
Traditionally, Florida’s main source of new residents was people in the over 65 age group. As recently as three years ago, the age group of those moving into Florida had moved significantly towards people in their late 40’s. Today we are encouraged to find that more and more millennias moving to Florida and they are now jumping into the market. In fact, female millennials in their late 20’s and early 30’s are a big segment of people who are purchasing homes.
Recent trends have shown more young adults are leaving their first apartments to buy homes in the suburbs and start their own families. This is a trend that will continue to gain traction as millennials between the ages of 21 and 34 become the largest group of home buyers. Communities like BallenIsles have housing that is great for all different age groups and interest. From starter condos to larger homes. Someone in the 20’s could live in this community of homes for years to come. They may live in different homes and areas of the community, but because of the variety of sizes and styles of homes here in BallenIsles, no matter the size or price, one could find the right home in this area for all stages of life.
There are actually two things going on right now which are also influencing the purchase market for people in the mid 20’s and up. First, rents are way up!! In most cases, it will be cheaper to purchase a home and secure a steady mortgage payment than to rent. Pair this with the fact that the job market has been steadily improving, and you can see why millennials made up almost 2 billion dollars in sales in 2015 with 2016 looking even more impressive.
If you, or someone you know is looking for just the right home, I can help. Keep in mind that your first home is hardly every your forever home, But if you remember that, we can make a plan for you to get into your forever home someday!! Whether you are a Baby Boomer, A Gen X, or a Millenial, I am here to find your new home, or sell your current home.