Florida has been the first to do many things, but right now it’s the first in the nation for first-time homebuyers. A recent report shows that first-time homebuyers are taking up the largest portion of the market in 2018, and Florida is benefiting significantly.
Florida’s first-time buyer market has grown faster than the national average since 2014, even though there had been concerns about the cost of housing in Florida and how it might be difficult for first-time homeowners to buy.
What happened to boost Florida’s real-estate market?
One positive was that there are stronger economic conditions than in past years, so more people are willing to put money down and purchase a home. Whenever the economy gets stronger, younger generations often see a boost in credit availability as well as pay, which can add up to huge benefits for the economy.
In strong labor markets, it’s easier for younger people to get their foot in the door in real estate. These younger people are reaching home-buying age, and many have delayed buying because of the last decade’s uncertain economy. The good news is that it has turned around, and first-time homeowners have begun to make waves in real estate.
Between January and September, first-time buyers made up a whopping 40 percent of the market. Normally, first-time buyers make up only around 35 percent of the market. It may not seem significant, but that 5-percent increase is enough to significantly boost local economies and housing prices throughout a local area or state.
If you’re ready to close on your first home, don’t do it alone. The right support can get you ready as you work toward homeownership.