Florida has 5th fewest homebuyers under 25
Some unique, pandemic-related economic factors have contributed to the current state of the real estate market, but some of the largest factors are generational. Baby boomers and members of the Silent Generation are increasingly choosing to age in place, while the millennial generation (born between 1981 and 1996) are now America’s largest generational cohort, and at a peak age for buying a first or second home.
What’s more, Zillow recently estimated that the U.S. needs 4.5 million more homes to meet current demand. Together, these forces mean that more buyers are competing for fewer homes—making market conditions even more challenging for under-25 homebuyers.
Young buyers have made progress in homeownership in recent years, however, and some geographic locations prove more favorable than others. Researchers at Construction Coverage analyzed the latest data from the Federal Financial Institutions Examination Council to determine the locations with the most homebuyers under 25.
Key Takeaways for Florida
Below-average young homeownership rate: Last year, homebuyers under 25 in Florida accounted for 2.8% of home purchase loans—the 5th smallest share of any state. Nationally, this cohort accounted for 5.0% of home purchase loans.
Home loan data for young Florida buyers: Under-25 homebuyers in Florida took out a median loan amount of $255,000 in 2023, with a median loan-to-value ratio of 89.5% and median interest rate of 6.750%.
For a deep dive into the complete data study, including all sources, you can check out the original report: https://constructioncoverage.com/research/cities-with-the-most-homebuyers-under-25
