Homebuyers are flocking to South Florida. Even more, the majority of these buyers are millennials. A staggering 34% of all home purchases in the state are done by millennials. It used to be a place for rich people to retire, but it is now home to increasing numbers of people who are in their twenties and thirties. Below are reasons why South Florida is such a hot spot for the younger generation.
The fact of the matter is that house prices in South Florida are quite cheap. The average price is about $175,000. Due to this, 53% of millennial homebuyers own their property, which is one of the highest percentages in the country. Because Florida has no income tax, it is easy to see why people would settle down there. Jacksonville in Florida is the most popular city for millennial homebuyers. The most popular city of all is Seattle, where there is also no income tax. However, prices in this city are quite high for homebuyers. Millennials in New York are leaving the state in droves due to high taxes and high prices.
Schools in South Florida are well-ranked and this generation tends to look to the future. Florida has some of the lowest U.S. tuition rates, and the state has 12 public universities. Additionally, there are many programs to help people with education. Unlike many states, Florida does not interfere in homeschooling activities, and the government will assist in certain instances. School is a big consideration for millennial homebuyers.
Overall Quality of Life
Florida is well-known for its high standard of living. For one thing, it has a tropical climate and lots of beaches. It is also home to many affluent people and the Miami beach culture, which is perfect for those who love the social scene. Really, it has it all. Low taxes, a good climate, cheap prices, fantastic views, and affordable housing. Moreover, it has some of the best college football teams in the country. For these reasons, many newer generations are leaving expensive high tax states to more affordable regions. Because these generations are now delaying marriage and staying in college longer, South Florida could be the perfect choice for young homebuyers.