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Realtor Report: Florida Home Buyers Prefer New Homes

Posted by Nocatee Community

3/7/14 2:40 PM

Florida home buyers purchased more new homes on average than U.S. buyers as a whole in 2012-2013, according to a report from the National Association of Realtors (NAR).

Data from the NAR’s 2013 Profile of Home Buyers and Sellers in Florida shows that while Florida buyers shared much in common with home buyers nationwide – including their marital status, household income and size of home purchased – Florida home buyers differed from the national average in some key areas.

Between July 2012 and June 2013, the typical home size purchased by a Florida home buyer offered 1,900 square feet with three bedrooms and two baths –  exactly the same size as the typical home purchased by the average U.S. buyer nationwide. The median household income of Florida home buyers ($82,100), meanwhile, was only slightly below that of the average U.S. home buyer ($83,300).

Florida buyers bucked the national trends in several areas, however, including:

Age of home purchased: Just 16 percent of U.S. home buyers purchased a new home, compared with 22 percent of Florida buyers. And while 14 percent of both U.S. and Florida buyers said the amenities offered by new home communities factored into their decision, Florida buyers valued the ability to customize their new home somewhat more than U.S. buyers (29 to 25 percent, respectively).
Age of buyer: Not surprisingly, the typical age of a Florida home buyer (55) was higher than the typical U.S. buyer (42). What may surprise some, however, were the figures showing that 33 percent of Florida homebuyers were between the ages of 18 and 44 –  defying the conventional wisdom that only retirees buy homes in Florida.
Marital status: While 66 percent of both Florida and U.S. buyers were married couples, a slightly larger percentage of Florida homes were purchased by single females (19 percent) compared with the national average (16 percent).
Family housing needs: The 2013 report indicated that an equal percentage of Florida and U.S. buyers (14 percent) purchased a large home in anticipation of having multiple family generations living under one roof. But while 24 percent of those U.S. buyers did so to enable adult children to move back home, 25 percent of Sunshine State home purchasers did so in order to care for aging parents.

Senior housing communities were also more popular in Florida, with 26 percent of the state’s buyers over age 50 opting for an active adult or other age-targeted community, compared to just 14 percent of buyers nationwide.

To learn more about buying a new home in Florida, visit the Nocatee Welcome Center or call 1-800-NOCATEE. 

Topics: Northeast Florida News, Nocatee Homebuilding, Single-family Homes, Florida, Nocatee Realtors, National Association of Home Builders, Luxury Home Buyers, National Association of Realtors