According to Florida Trend, many millennials are leaving city life for the suburbs.
About 10 years ago, the trend was for people in that generation to move to the city due to being able to walk to work and to amenities like coffee shops, to enjoy the single life, and to simply delay buying a home because they couldn’t afford it.
But now, many millennials are getting married, having children and want to purchase a home in a safe neighborhood with good schools and maybe even the proverbial white picket fence.
Reports show that older millennials who want the benefits of suburbia but still want an urban feel are willing to pay more to live in such areas, while the younger ones, usually with lower incomes, are willing to give that up in favor of a house they can afford.
Due to this new trend, growth in Florida’s large cities has decreased, and Harvard University’s Joint Center for Housing Studies reports that, nationally, two million households per year for the next ten years are going to be created by millennials. In terms in Florida, the Metrostudy real estate consulting firm reports that millennials are the “No. 1 new-home purchaser” in Jacksonville, Orlando and Tampa.
For much more information, check out the full article.
