Florida’s Housing Market Update 2018
Florida is the ranked 3rd in population across all 50 states, however its demographics are much different than other populous states. According to Wikipedia Florida has the highest population of people over the age of 65 and also the least amount of people under the age of 18. These statistics alone can lead the market to believe that there is a large percentage of occupied homes with empty-nesters. Retiring to Florida or snowbirds is a common theme among adults after their children are grown. Having a large population of double income households with no children can definitely define the economy in the area. This is definitely the case for Boca Raton and surrounding areas in Florida.
Double Income No Children
The empty-nesters dream is to live out their lives in nice weather and enjoy the finer things in life. This is why so many couples retire or move to Florida after their kids are grown and out of the house. They may not be fully retired but they are definitely ready to slow down and enjoy life. When moving to Florida the majority of people will choose a waterfront, of course. This is a match made in heaven with the local climate.
With any housing market the water front homes are pricey but with no children to raise any more these people are usually prepared to pay for what they want and get it.
Other Double Income Households
Statistically there are 2-3 people per home in Florida, this can either be two adults, two adults, one child or one adult and two children. The family with two adults or two adults and one child are more likely based on the numbers found on the US Census Bureau with the percentage of people under the age of 18 being just about 20% but the percentage of adults being ~56% under the age of 65.
What’s All This Mean
When you have double income households whether they have one or no children it increases the median household income and expendable income. With higher income it can lead to higher purchasing power, which is needed in the Florida housing market to get the house you want. It is a sellers market and sellers are getting top dollar for their homes. The home prices have been on the rise over all despite a slight dip this summer.
Millennials in the Neighborhood
Millennials have started buying homes and many of them have a strong aversion to excessive debt, unlike their parents before them. These young people are coming to make their start in the sunny weather of Florida, check this link to learn more.
If you have to start somewhere in life, why not start where you can enjoy the weather year around. They are packing up and making the move and with little to no debt they have the purchasing power to get the homes they want in the desirable Miami-Dade County.
Time Versus Money
What do empty-nesters and millennials couples have in common? While empty nesters may have the time and money to handle repairs on their homes, they would much more prefer to have it taken care of for them. Millennials are a generation of scraping something when it breaks or isn’t working just right. It’s just how they were raised. It was far more expensive to fix something than it would be to replace it; this however comes up as a new problem when it comes to home ownership.
Fix It For Me!
So much can go wrong in your home that it can be overwhelming. You never know how much you depend on something until it quits working. Home ownership is UP and so are the purchases of home warranties. Home warranties are a service plan on the appliances and systems in your home. Many homeowners can handle doing a few projects in their home, but not many are equipped to handle repairs and replacements of these costly appliances and home systems.
Who Do I Call?
When considering which home warranty to purchase service to purchase Review Home Warranties (Florida) is a great starting place. You can review different providers and see which one has the best options for your budget. You can customize different service plans to include a service call fee or have a no service call fee plan. The home warranty provider is a great option for empty-nesters to get the job done so they can be out on the golf course enjoying life.
It is also a great option for millennials who haven’t learned much about how to handle repairs in the home. Even if they follow a youtube.com video they may still not have the right tools to get the job done. Once they make the mistake of trying to do something on their own that they haven’t done before and they make four trips to the hardware store to get the right tool or part. They will learn they would have spent less money and less time had they just called in a professional to do the job right for them.
Predictions
The housing market is expected to still grow another 5% by the end of 2019. The supply of homes just isn’t there to fill the demand of potential home buyers and as long as that is the case the prices will continue to increase. If you are looking to relocate to Florida and want to buy be ready to put your best offer up first so you don’t lose the home of your dreams to another buyer who outbid you!
