The residential real estate market is surging across the country for one big reason: millennials. Millennials are buying real estate in the top 100 metro statistical areas in the country at an incredible rate. Despite this, they are not doing so in the state of Florida. So, what is the problem or the difference with Florida? The data comes from a study conducted by LendingTree. Let's take a deeper look at what was found.
LendingTree conducted the study by looking at all of the loans submitted via the online loan marketplace by millennials. They broke it down into percentages and the metro area of Sarasota-Manatee came in last in the country's top 100 areas for millennials and the residential real estate market. Fort Myers came in second to last. The top spot went to Des Moines, Iowa.
Homebuyers between the ages of 18 and 35 are viewed as millennials. This group of buyers accounted for one-third of all mortgage requests at LendingTree from Feb. 1, 2017 to Feb. 1, 2018.
So, why is the Sarasota-Manatee area last on the list? Well, the average request for a loan came in at around $166,800. That is well below the median sale price for a single-family home in the area. The median price ranges from $272,000 and $300,000. The area is best known as a second-home or retirement area.
Buying a home does not have to be difficult or scary. It should be one of the most exciting events in your life. Be sure you know what you are getting into and have a trusted real estate advisor by your side in Fort Lauderdale.
Source: Florida Trend, "Millennials a surging part of U.S. real estate market, but not in Florida," April 09, 2018