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!
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