Millennials & Florida Migrants are Painting a Very Bright Picture For the Florida Real Estate Market
It wasn’t long ago that Millennials were dragging down the real estate market, continuously opting to rent rather than buy. And while Millennials still haven’t given up on that trend completely, the older tier of that generation is finally starting to make that long-awaited transition from renting to owning, and it’s having a huge impact on sales all over the country.
In fact, according to the 2015 TD Bank Mortgage Service Index, 50 percent of millennials say they’re either “extremely” or “very” likely to buy a house sometime within the next year or so, ensuring that their impact on the housing industry will continue to grow in the coming months ahead.
In addition to Millennials positively affecting the housing market, it appears more and more people in general are also starting to move down to Florida, with recent census figures now showing that Florida has officially passed New York as the nation’s third largest state with an estimated 19.9 million people.
For the record, New York has a population of roughly 19.7 million.
In many ways, it feels like only yesterday that both the financial crisis and housing crisis dramatically affected both people moving to Florida, as well as Florida’s real estate market as a whole. But now four and five years later, many feel that Florida’s economy has recovered at a significantly faster pace than the national economy, with more opportunities than ever for people to move here and find work.
So while we’ve come a long way since the market took a turn for the worst, it looks like brighter days are still ahead of us here in the Jupiter-Palm Beach area, and that’s even after one of the best years we’ve had in recent memory.
Are you looking to make the move to Jupiter, Palm Beach, or the surrounding area? Contact The Snyder Group today at (561) 951-9301 to learn how we can help make your home search as seamless and efficient as possible!
