According to Clear Capital’s Home Data Index (HDI) Market Report, baby boomer influence on Florida housing has been very positive. While the Sunshine State recovered from the housing market crash, the baby boomer generation of buyers helped out. Many baby boomers are now retirees headed to Florida for sunshine.
“Florida has traditionally been regarded as prime real estate by those retirees who may be looking to migrate from colder areas of the nation such as the Northeast to a warmer and sunnier alternative for their golden years,” says Alex Villacorta, Ph.D., vice president of research and analytics at Clear Capital.
“As the top Floridian housing markets continue to grow and return impressive price gains – Tampa is currently reporting 12.2 percent annual price growth – it’s no surprise that this generation continues to invest in real estate in the region,” he adds. “The baby boomer share of homeowners is clearly on the rise here, and as more and more of this generation nears retirement age, Florida markets may be in for a boost in performance if tradition continues and retirees demand homes in the region.”
Homeowners aged 55 to 74, fitting into the baby boomer segment, increase 500 percent more than the overall general population’s increase in homeowners.
“It’s evident that the baby boomer demand for housing in the (price growth metro areas) is a significant contributing factor in the market’s overall success,” the report concludes
The report found that Miami saw a 1.4 percent quarterly price growth. Since market lows of 2011, Miami home prices have increased by a whopping 56 percent. Overall, the report found that the Florida real estate market is growing in a positive direction. The baby boomer influence on Florida housing is not one to ignore.
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