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Millennials have been widely discussed in real estate circles all over the country, and Florida is no exception. The trends are dictating how agents, sellers, and developers approach this young generation. We'll look at the attitudes in Northern Florida and how they're likely to influence future prices.
One Size Does Not Fit All
Before getting into the stereotypes, it's important to note that we've seen a wide range of diversity with millennials. As with any large group of people, there's a disparity in terms of how real estate is being consumed. The average millennial tends to seek out relatively small homes in areas that are stacked with amenities. However, there are plenty of millennials looking for traditional single-family homes to raise their young children.
Home Size & Price
Millennials are willing to give up space because the price is right. They may delay having children or buying a home simply because they don't have the financial resources to put behind their goals. It's causing homes to become smaller and more affordable in Northern Florida, especially in the larger cities.
But just because a millennial will put up with less room, doesn't mean they'll put up with an outdated home. Millennials are looking for energy-efficient homes with smart appliances, convenient laundry facilities, and attractive green spaces. In Northern Florida, it's location and home design in the top priorities of buyers. Price is below these two factors.
How This Will Play Out
Millennials are on the lookout for outdoor concert halls, community gardens, and covered picnic areas. They're looking for excellent interior design and functionality over square footage. When 52% of all buyers in Jacksonville are millennials, the developers are doing their best to work with the properties to cater to the crowd. It's actually beneficial in many ways for both developer and buyer. Where a Baby Boomer might have wanted an expensive golf course 30 years ago, a millennial wants a more affordable pocket park instead.
It's not always easy to predict the needs of any generation, but real estate will always adapt to fit new lifestyles. Sellers in Northern Florida should keep this in mind if they're looking to put their home on the market anytime soon. While a homeowner won't be able to divide a single-family home into units, they can consider adding a smart thermostat system or upgrading the insulation. These small improvements can make the home look updated to a millennial, which can be the deciding factor in whether they choose to bid for the home.
