When it comes to the Palm Beach Garden real estate market, millennials now make up a fairly large percentage of the buyers. After all, these young homeowners are entering the professional workforce, starting new families, and purchasing their first homes. Of course, the trend among millennials is to rent for roughly 6 years, which is a year longer than their parents. While the difference is not large, it may be surprising that individuals from the computer generation tend to stay at home a little longer. Of course, millennials are often burdened by loads of student debt, making them more pessimistic than their parents and grandparents.
While a majority of millennials are renting for a longer period of time before purchasing homes for sale in Palm Beach Gardens, they still want to end up with their own homes. Of course, this is good news for the future of the South Florida real estate market. These young men and women think it is much smarter to own their own homes, as doing so will benefit their overall lifestyles, as well as for their bank accounts. Doing so not only allows them more control over the living space, but flexibility in all decisions today, as well as in the future. Should you paint the house this summer or spend the money on new furniture?
So why are so many millennials still renting? Aren’t these guys and girls excited to buy their own places and decorate the homes of their dreams? Then they can start their own families and not have to worry about relocating every year or so. The simple answer is money. Many folks simply can’t afford mortgages. They believe that renting is more suitable for their low-income lifestyles. On top of these costly student loans that still need to be paid off, these potential owners do not possess enough equity to obtain a new mortgage from the bank. If they have any credit history whatsoever, it still has an insufficient credit score. Most millennials do not have a high enough income. At the same time, this generation of homeowners is known to hop from one job to another. So why not rent a little place, if not live at home with mom and dad for another year or two?
Millennials are already sweeping in and buying up a huge percentage of the homes in places like the Golden State. The population in Elk Grove, California alone has increased by over 100,000 residents since the new millennium. Homeowners under the age of 35 in Bakersfield, California has risen from approximately 35 percent to 540 percent in the last decade alone. Roseville, California is also growing daily with millennial homeowners.
It will just take a bit of patience for the Florida market. Before you know it, these millennials all reach their thirties and forties. They will start purchasing more and more Palm Beach Gardens luxury homes. Berkshire Hathaway HomeServices Florida Realty will be there to assist every individual in the process, and the entire South Florida real estate market will prosper.
About Berkshire Hathaway HomeServices Florida Realty:
Berkshire Hathaway HomeServices Florida Realty has 42 locations serving 19 counties throughout Florida and approximately 1,800 sales professionals. The full-service brokerage, founded in 1999, is a wholly owned subsidiary of WCI Communities, Inc. Berkshire Hathaway HomeServices Florida Realty is ranked fifth in the Berkshire Hathaway HomeServices network and is the overall No. 1 fundraiser for The Sunshine Kids Foundation, having generated more than $3.1 million. To learn more about the best Palm Beach Gardens real estate business, visit www.BHHSFloridaRealty.com today.
