Out with the city and in with the suburbs! Why is Florida seeing a trend of Millennials moving to the suburbs?
Why is Florida Experiencing a “Let’s Move to the Suburbs” Trend?
The early 2010s in America brought with it a trend of moving back to the city. This was in large part due to millennials, who are born between 1981 – 2000, just starting out in their careers. At that point in their lives, they valued a very short commute and the ability to walk to their favorite restaurants and shopping spots. Due to the large amount of debt most millennials experienced right out of college, they favored becoming financially stable and put marriage, having kids, and buying a home on the back burner. Now, in the year 2020, Millennials are aging, and everything has once is changing. Let’s take a look at how millennials are affecting Florida’s housing market.
Millennials are Entering the Next Phase of Life
Many Millennials find themselves excelling in their careers and are financially stable. They are ready to take on the next phase of life, which for many is marriage and a family. Millennials are willing to sacrifice convenience for a commute, single-family detached home, a backyard, safe neighborhoods, and great school systems. What does this mean for Florida’s housing market?
Back to the Burbs
Florida, like much of the nation, is experiencing slowing growth in large, urban cities, while simultaneously experiencing an increase in growth of the suburbs. There is a trend of Millennials leaving the city and moving to the suburbs to raise their families. Apart from the fact that Millennials are craving space, housing inventory in the suburbs tends to be more affordable than in the city. In fact, a census indicated that Millennials are the number one new-home purchasers in Orlando. Reports suggest that this trend is expected to continue for quite some time.
I’m Gitta with Gitta Sells. My team and I are happy to answer any questions you may have when it comes to buying or selling your home and help you navigate through the process! Email me at email@example.com or call 407-330-2181. Until next week, happy home buying!