Why are so many Millennials buying homes in Port St. Lucie? The recent home buying trend is driven by the location, as well as a few elements of the Florida real estate market. Millennials often get dismissed, but this is a very knowledgeable generation. They have far more information at hand than any generation before them, so they can often make wise choices in home buying.
Bucking the Trend
Most cities are not seeing a rise in Millennial home ownership. Of 200 cities analyzed by SmartAsset, 158 of them saw no increase. This doesn’t seem to be informed by home value either. The top cities where Millennials are buying homes have a median home value that’s slightly more than the cities that do the worst with Millennials.
Home Ownership Boom
Port St. Lucie is 10th in the SmartAsset ratings and 6th in ratings that take consistent growth in home values into account by 24/7 Wall St. The median home value has stayed very consistent and is extremely affordable at $205,000. The area sees good earnings and thorough access to amenities, yet at the same time remains very affordable. This contributes to the city of 189,000 residents having the highest home ownership rate in the country.
Obstacles to Millennial Home Buying
Millennials have struggled to buy homes in most areas because they came into the job market during the recession more than a decade ago. Wages have remained stagnant in many areas, while jobs are more likely to shift out from under them in a service-based economy. Despite working very hard, many Millennials struggle to save enough to realistically own a home. This is through no fault of their own. The Florida real estate market can also be tough, so communities like Port St. Lucie are key to providing Millennials attractive and accepting communities where they can afford to live.
Creating Opportunity in Port St. Lucie
Port St. Lucie enjoys a home ownership rate among Millennials of 53%. Nationally, the rate is only 37%. Older generations have a lot of negative stereotypes about Millennials, but Port St. Lucie has seen an influx of Millennials holding jobs such as teachers and firefighters that contribute to the community as a whole.
New Residents Make a Healthy Economy
Port St. Lucie sees a big economic benefit in seeing so many new residents to the community. An influx of new residents helps to drive and expand the economy for all, attracting employers to the area and helping increase money spent with local businesses, and that there’s a great deal of excitement for development and Millennials buying homes in Port St. Lucie. The cities that have the best futures, after all, are the ones where the future can afford to live.