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Why are millennial homebuyers choosing South Florida?

| Mar 12, 2019 | Real Estate Transactions |

Many people think of South Florida as a retirement destination for Americans from points north who want to spend their golden years enjoying the sun, sand and golf courses that abound in this area. However, millennials are moving to South Florida — and particularly the Treasure Coast — in record numbers.

Millennials, which are those born anywhere from 1981 to 1996, represent about a third of new homebuyers throughout the country. However, Florida ranks in the top 10 states favored by millennials.

Port St. Lucie is among the top 10 most popular cities in the country for this group. Over half of the millennials who live in that city own their own homes.

So, what’s attracting young adults with money to buy a home to the Sunshine State? One real estate agent says, “A lot of it is driven by the price and school zones.” She notes that “the average home across the board is about $175,000 — give or take.” She also points out, “People are gravitating toward this area because of the schools” as they plan to start a family

Florida’s lack of state income tax is also an attractive feature. That frees up money for millennials can use to build their savings or to spend.

Buying your first home is a big step — and it can be a confusing one. That’s particularly true if you’re moving to Florida from another state and aren’t familiar with some of our unique laws. Having an experienced real estate attorney review your documents and offer guidance can help you avoid some common pitfalls that many first-time homebuyers face and save you money and stress in the long run.

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