Why Northeast Florida is Perfect for Millennials
In the United States, there are over 72 million millennials. Since 2021, millennials have moved to Florida and Texas above any other state. If you’re part of that generation and have thought about buying a home, you aren’t alone. According to Zonda, 98% of millennials want to become a homeowner at some point if they aren’t already. But why? There are plenty of reasons you may choose to become a homeowner. Here’s why other millennials have made that decision.
This graph shows why millennials are buying homes according to Zonda’s 6th annual millennial survey. The top reasons include building equity, a change in life stage, wanting stability, rising home values, and wanting to make somewhere truly their own. Here’s a look at each in more detail and how a historic and vibrant town like St. Augustine could be the right fit for you.
Building Equity
Homeownership is a long-term investment that allows you to build wealth, increase your net worth, and become more financially stable. Beyond that, the alternative to owning a home is typically renting. With the way rents have risen so dramatically over time, it may make sense to build your own equity instead of the equity of the person you’re renting from.
Property in St. Augustine, and all of Florida’s Historic Coast, have consistently appreciated in value over time. Many people enjoy being near the ocean, so while Florida is a big state, there is limited real estate close to the water. Housing demand in St. Augustine has always far outweighed the supply, positioning homeowners in an excellent place to build equity.
A Change in Life Stage
As a millennial, you’re reaching your prime home buying years. That means you may be at the point where you need more space or a different location.
With Flagler College located in the downtown area, there are many young people who call St. Augustine home. In fact, lots of those recent graduates stay in St. Augustine due to the pleasant weather and welcoming community. People often think of Florida as a place to retire, but it is also a great state to start your adult life thanks to its lack of state income tax and other financial incentives.
Stability or Settling Down
This could mean establishing your career or just generally deciding more concretely what you want your life to look and feel like. As that idea becomes clearer, you may want to establish that lifestyle in a particular place and put down roots.
There are several options to assist first time home buyers in St. Augustine and Florida. The Florida Hometown Heroes Housing Program helps make homeownership an affordable goal for law enforcement officers, firefighters, educators, healthcare professionals and more. Other first time home buying programs let you put as little as 3% down for a deposit, if you’re credit is in good standing.
Rising Home Values
By purchasing a home, you own an asset that traditionally increases in value over time. That can mean your home will have a higher resale value if you decide to move again.
Five of the top 15 cities with the fastest growing home prices in the United States are located in Florida. That’s why it’s a great idea to look at property in Florida now, so you will not be priced out of the market later.
Wanting to Make Somewhere “Mine”
Owning a home gives a sense of freedom because you can customize it however you want, make updates as you see fit, and be yourself in a place that’s solely your own.
For millennials looking to find a strong community, look no further than St. Augustine. The historic streets are filled with great restaurants, bright colors, and, most importantly, friendly faces. There is no shortage of community organizations where people can gather to support each other. Ask anyone lucky enough to live in the Ancient City and they’ll tell you St. Augustine is a great place to call home.
Welcome Home to St. Augustine
Whether you’ve just started thinking about life in St. Augustine, or if you’ve lived in the Ancient City your entire life, there is always something more to discover. Feel free to check out our up-to-date real estate listings or give us a call at (904) 599-5633