Although it may seem that millennials aren’t interested in owning a home, a recent study concluded that homeownership is still a vital component of the American Dream for this important generation. The “Great Delay” is a term used to describe the trend where millions of adults between 18 and 34 are holding off on purchasing a new home.
However, things are looking up for those who are interested in buying in Northeast Florida. Jacksonville has been named one of the “10 Most Affordable Housing Markets for Millennials.” Factors that went into the rankings include percentage of income spent on housing, median cost of a home and median household income. According to RealtyTrac, owning a home in Jacksonville costs less than renting.
With 8.3 million new millennial households predicted to form in the next five years, there’s no doubt the impact on the housing market will be strong. This generation is strong in its opinions of home ownership too.
A recent study by the Demand Institute found:
74% plan to move over the next five years
75% believe homeownership is an important long-term goal
To learn about new home opportunities available in Nocatee, visit the Nocatee Welcome Center or call 1-800-NOCATEE.
73% believe owning a home is an excellent investment
24% currently own a home, and 60% plan to purchase
48% prefer the suburbs, while 38% want urban locations
Meeting demand for millennials leaving the nest
Master-planned communities provide millennials the popular amenities they’re looking for in a first home:
● High-tech features - this tech generation doesn’t skimp on gadgetry when it comes to the home—from security systems to wireless home entertainment.
● Low maintenance - millennials are too busy discovering and pursuing their passions to be bogged down with a high-maintenance home.
● Location, location, location - this generation wants to be close to everything. Master-planned community, Nocatee, provides close proximity to all things work and play. The Lakeside at Town Center is located just a few miles from area beaches and has retail shops within walking distance.
To learn more about affordable new homes available in Nocatee, visit the Nocatee Welcome Center or call 1-800-NOCATEE.