Everyone has their opinions about millennials but regardless of your personal stance on the generation born between 1981 to 1996, trends suggest there is a divide among them when it comes to home buying. Those that are in their twenties appear to have a significantly brighter outlook when it comes to home buying, and they may be playing a considerable role in shaping the future of first time home buyers for the next several years.
According to research from the website Realtor.com, cost remains a major driving factor of where millennials will purchase their homes. Instead of families, they’re focusing on things like gainful employment, stability, nightlife, culture, and affordability.
So, where are millennials purchasing homes in the greatest numbers? The top place is Evansville, Indiana, a river town that is transitioning into a place where the younger crowds want to spend their time. With events like Evansville Donut Festival and Evansville Food Truck Festival coupled with affordable median-priced homes that are $100,000 less than larger metro areas, Evansville is seeing tremendous activity.
The future looks bright for prospective millennial home buyers. With so many distinct opportunities available, the varied homes and condos and rich culture and nightlife of cities in regions like South Florida will likely draw the younger crowds in the coming years.
This update is by Polly Schiff, luxury residential properties specializing in Boca Raton as well as Delray Beach, Jupiter, Highland Beach, and many others. Polly has more than two decades of experience as one of South Florida’s most admired Realtors and she has been ranked among the top four percent of Realtors at Coldwell Banker Global Luxury International. For more information on Boca Raton real estate or any other buying or selling needs, please call 786-348-5878.