Thirty-Somethings: Shopping For Luxury in the Tampa Area
When it comes to home ownership, Millennials (born between 1981 and 1997) are helping to revitalize an industry that saw its fair share of hardship over the last decade. Research done by the National Association of Realtors in 2016 showed that the age group showed the biggest share of home buyers, with ten percent of the number actually being newly built homes. States like Florida are witnessing this trend firsthand, as Millennial buyers made up 13 percent of home buyers in 2016, according to a Florida Association of Realtors study.
Millennials tend to have three things going for them that help them find success when shopping for a new home. First comes their tech savvy, embracing the internet—and real estate sites like HomeFinder, Trulia and Zillow, to do homework before the physical process of seeing homes even starts. Many Millennials have had the advantage of remaining under their parents’ roofs as they work and build up their finances to afford a home of their own. This often has a secondary effect on their credit, keeping it spotless by avoiding financial risk by and large. Finally, they tend to see the value for home ownership over long-term renting and an ability to plan and budget for the future.
Millennials also give a good deal of consideration to choosing a neighborhood that meets all of their needs, including safety, proximity to schools and employment, climate and, of course, socialization. It is these factors that are drawing these new home buyers to areas like the Sun Coast in Florida. Including the city of Tampa, the Sun Coast is made up of the islands and shorelines of Tampa Bay, offering an attractive environment and rich culture. Twenty-somethings find the warm, tropical climate of the area a plus, with temperatures in the winter only dipping to the mid-70s. This is not to mention the waterways to be boated and fished and some of the best beaches in the state of Florida. Another attraction is the business climate of Tampa, which has been thriving since the 1960s.
The entertainment options offered by Tampa are plentiful, featuring the largest science museum in the South, the largest performing arts center in the Southeast and the highest ranked children’s zoo in the country. Sports fans will find over 300 golf courses in the area as wells as the home to major league baseball, football and hockey teams. Tampa also has a lot to offer culinary enthusiasts, with an abundance of cafes and restaurants, serving up a broad menu. In addition, Tampa is home to fabulous live music venues where everything from blues to salsa music can be heard.
Young buyers seem to appreciate the variety of culture and experiences that the various communities of the area can offer. From luxury properties in South Tampa to the stately homes in Old Tampa, to the affordable housing found in the suburbs, the area’s diversity brings an economic diversity as well. Actually, the average housing prices are among the most affordable in South Florida, no matter what buyers are shopping for—be it a small suburban house or a luxury condo in Tampa.
Millennials are quickly showing themselves to be a discerning and driving force in housing, whether in Florida or any other place.