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Tampa & St. Petersburg Attract Millennials

St. Petersburg and Tampa are both in the top three cities in Florida for drawing in Millennials. Residents selling a home in St. Petersburg and residents selling a home in Tampa can benefit by taking note of the influx of Millennials because Millennials tend to want different things in the homes they purchase.

  • Learn more about what Millennial homebuyers are looking for and using green tech to attract Millennial homebuyers in our previous blog posts.

When NerdWallet looked at 93 cities and towns in Florida, they determined that St. Petes is the top city for Millennials. With the average salary paying $13,500 higher than the average and bustling restaurants and entertainment districts, St. Petes easily pulled in the top spot for ideal locations for Millennials to buy homes. In less than a decade, the Millennial population grew six percent.

Tampa saw a seven percent increase in its Millennial population and came in third place for Millennials top locations. Millennials love the safe, bustling urban feel. This is important if we’re going to keep our city thriving with the new generation because Millennials will move to wherever they are best suited. An area that doesn’t appeal to Millennials loses them. If we continue to make Tampa attractive to Millennials, we will grow our population even more.

Three out of four Millennials in America say they would move to a new city. Across the nation, almost one-fifth of all Millennials are planning on moving away from their homes in the next year to find a city that’s better suited for their needs. Millennials want less traffic congestion, low crime, outdoor activities and walkability from their home cities. Tampa offers these things more readily than other cities around the nation.

Millennials Are Going To Need More Homes

Last year, LendingTree reported that one-quarter of all mortgage requests came from Millennials. One major issue that stands between Millennials and their desire to own a home is that nearly 45 million Americans will reach the typical age for first-time home buyers within the next 10 years. The availability of starter homes is already dwindling. The tight supply of starter homes was already a problem, but now that Millennials are starting to flood the market, competition is tighter. Starter homes have gained 57.3 percent of their value in the past five years, but the inventory of starter homes has dropped 23.2 percent!

“Millennials are redefining life’s priorities by placing homeownership above nearly all other key milestones, including marriage,” Bank of America Consumer Lending Managing Director reported. “Millennials equate homeownership with personal and financial success, and it’s encouraging to see this generation aspire to homeownership.”

If we are going to keep our Millennials in the Tampa Bay area in near future, we will need to increase our supply of starter homes. So, if you’re interested in selling a Tampa Bay area home, please contact us for more information about listing your home. Millennials are seeking smaller starter homes and prefer homes with outdoor living areas as well as an open floor plan. If you are interested in moving to a Tampa Bay area condo or waterfront property near Tampa in St. Petersburg and are considering moving away from your Tampa or St. Petersburg starter home, call us today!

609 N Dale Mabry Highway $7,750,000

609 N Dale Mabry Highway Tampa, Florida

15,689 SqFt 1.080 Acres

7113 Pelican Island Drive $3,000,000

7113 Pelican Island Drive Tampa, Florida

5 Beds 4 Baths 3,987 SqFt 0.280 Acres

13030 E Us Highway 92 $2,200,000

13030 E Us Highway 92 Dover, Florida

3 Beds 2 Baths 1,677 SqFt 13.420 Acres

13030 E Us Highway 92 $2,200,000

13030 E Us Highway 92 Dover, Florida

584,575 SqFt 13.420 Acres

18427 Hancock Bluff Road $899,000

18427 Hancock Bluff Road Dade City, Florida

7 Beds 5 Baths 7,032 SqFt 2.570 Acres

4803 N Gomez Avenue $725,000

4803 N Gomez Avenue Tampa, Florida

4 Beds 3 Baths 3,720 SqFt 0.250 Acres

603 S Gomez Avenue 5 $649,900

603 S Gomez Avenue 5 Tampa, Florida

3 Beds 3 Baths 1,997 SqFt 0.030 Acres

3430 Diamond Falls Circle $639,900

3430 Diamond Falls Circle Land O Lakes, Florida

4 Beds 3 Baths 2,665 SqFt 0.220 Acres

6715 Frontier Lane $587,500

6715 Frontier Lane Tampa, Florida

4 Beds 2 Baths 2,407 SqFt 0.260 Acres

751 Pinellas Bayway S 208 $525,000

751 Pinellas Bayway S 208 Tierra Verde, Florida

2 Beds 3 Baths 1,600 SqFt 0.020 Acres

313 Tavernier Drive $510,000

313 Tavernier Drive Oldsmar, Florida

3 Beds 2 Baths 1,694 SqFt 0.140 Acres

7514 Sunshine Bridge Avenue $449,900

7514 Sunshine Bridge Avenue Gibsonton, Florida

4 Beds 3 Baths 2,904 SqFt 0.100 Acres

30844 Summer Sun Loop $425,000

30844 Summer Sun Loop Wesley Chapel, Florida

4 Beds 2 Baths 1,846 SqFt 0.150 Acres

9244 79Th Avenue $399,000

9244 79Th Avenue Largo, Florida

3 Beds 2 Baths 1,730 SqFt 0.200 Acres

13224 Sweet Gum $395,000

13224 Sweet Gum Brooksville, Florida

3 Beds 2 Baths 1,668 SqFt 2.400 Acres

Are You thinking of buying a Home in Tampa Bay?

Use our site to search homes for sale in Tampa Bay and all of our surrounding areas. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated EVERY HOUR. By creating a Property Manager account you can stay on top of the newest homes for sale and get Price Change alerts so you can stay ahead of other buyers and beat them to the BEST deals!

In the meantime, check out these 1 click searches: 

  •     Tampa Bay Homes for Sale
  •     Tampa Bay Condos for Sale
  •     Tampa Bay Luxury Homes

Posted in: Blog, Buyers, Moving, Moving & Packing, Neighborhoods, Sellers, Selling, Tampa Tagged: Millennial homebuyers, Millennials, St. Petersburg, Tampa

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RE/MAX ACR ELITE GROUP, INC. Hillsborough

13907 N. Dale Mabry Hwy., Ste. 101
Tampa, FL 33618
Office (813) 961-6000
Fax (813) 961-6016

RE/MAX ACR ELITE GROUP, INC. Pinellas

1465 S. Ft. Harrison Ave, Ste. 100
Clearwater, FL 33756
Office (727) 584-8480
Fax (727) 586-6789


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