Don't Ignore This Growing Population of Buyers!!

[Foster Algier]

The Millennial....hard working and ambitious or entitled slackers? A huge number of them are the former and they are jumping into the real estate game. Our very own Orlando, FL is #3 on the list! Ignore this growing market at your own professional peril!!

What do millennials want, anyway? Marketing execs all over the country have been tripping over themselves for years to find the answer. After all, as America’s largest and youngest adult generation, millennials have an insane amount of collective purchasing power, the clout to move markets according to their whims—and the ability to do so for decades to come.

As a group, they’re also somewhat elusive. Are they aimless or driven? Apathetic or activist? IPhone or Android? Taco Bell or Chipotle?

Well, here’s something we do know: In ever-increasing numbers, they’re home buyers. In fact, they’re the biggest group of ’em in the nation. Sure, they’re devotees of the borrowers’ economy—eagerly sharing bikes, music, rides, vacation places, you name it—but like most generations before them, they’re hungry for home ownership. Buyers under 36 now make up the biggest chunk of Americans signing on the line that is dotted: 34% of all home buyers, according to the National Association of Realtors®. And they make up 64% of first-time home buyers (even though they only account for 13% of the population).

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3. Orlando, FL

Median home price: $279,000

Percentage of income needed to buy a home: 34%

Unemployment rate: 4.4%

There’s much more to Orlando than theme parks, oversized mice, and sleepy time-shares overlooking golf courses. In fact, this fast-growing metro is getting a lot of serious attention from young people.

“You’ve got the best of both worlds,” says Realtor Lorisa Motko of Charles Rutenberg Realty. “You’ve got the beaches 45 minutes in any direction, and you have plenty of entertainment and nightlife for millennials.”

New mixed-use developments designed to appeal to both city-loving millennials and baby boomers (hey, what happened to Gen Xers, anyway?), many of which are pedestrian- and bicycle-friendly. Thornton Park, just east of downtown, has also become popular among younger homeowners seeking a unique historic neighborhood with cobbled streets and lined with bungalows.

The Orlando metro area leads Florida in job creation, and added 54,600 jobs in January, according to the Florida Department of Economic Opportunity.

Millennial lure: Orlando was the birthplace of the megastar boy bands, ‘NSync and the Backstreet Boys, which dominated the airwaves back in the ’90s. And, in case you hadn’t heard, the ’90s are cool again … with millennials. Go figure.
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Read full article here...Top 10 Millennial Cities