Florida millennials are spending 2.4% more on homes than avg across all buyers
A new study from Construction Coverage looking at the locations where millennials are buying the most expensive homes. I thought the report might be interesting to your readers.
Despite the millennial homebuyer price-to-income ratio—or the ratio between what millennials are spending on homes versus what they make in a year— slightly easing last year, millennial home prices increased 40.7% since 2018 while their incomes only rose 31.6%, highlighting the mounting financial barriers for millennials when it comes to homeownership. And homeownership has come at a much steeper price for millennials in some places than others.
To determine the locations where millennials are buying the most expensive homes compared to other generations, researchers compared the median price for conventional residential homes with an originated mortgage in 2023 for millennials and all buyers, then ranked states accordingly.
These are the key takeaways from the report, highlighting some key stats for Florida:
• Millennials are entering their prime earning years: in 2023, the national median income for millennial homebuyers stood at $125,000, exceeding the $122,000 median across all buyers.
• In Florida specifically, millennials earned a median income of $131,000 last year.
• Nationally, the median home purchase price for millennials in 2023 was $415,000—nearly 77% higher than the median home purchase price for Gen Z buyers, and second only to the Gen X median purchase price of $445,000.
• Meanwhile, the median home purchase price for millennial buyers in Florida was $435,000.
• Overall, millennials in Florida are spending 2.4% more on their homes than what is typical across all buyers in the state ($425,000).
• Florida millennials are purchasing more expensive homes than average.
