Buying a home as a millennial in Jacksonville

“Millennials,” those born between 1980-1995, make up 32% of homebuyers nationwide. Did you know that Jacksonville is the 4th most affordable housing market for millennials nationwide? From Riverside to the beaches, Jacksonville’s large array of neighborhoods makes it possible for first time homebuyers to find a home in the neighborhood that fits their needs.

In addition, with all of the various loan options available on today’s market, you don’t have to have crazy deep pockets to have purchasing power. In fact, for FHA loans, the minimum down payment is only 3.5%. Not bad for those who are still dealing with student loans.

So what is it that millennials are looking for? Studies have shown these characteristics to be top priority for the newest generation of homebuyers:

  • Central Location – Close to good restaurants and shopping
  • Updated Kitchen – Because who doesn’t want that?
  • Bonus Rooms – Flexible spaces to make their own
  • Technology – Is there good cell service and which Internet providers are available?

New construction home options have also become readily available to millennials. In Northeast Florida, available inventory of new lots has significantly decreased since the last housing boom, and as a result, demand for new homes is exceeding supply. What does that mean for millennials? Competitive prices that fit tighter budgets!

Here are a few great new construction communities around Jacksonville:

  • Yellow Bluff Landing – Northside (Starting in the $172,000’s)
  • Forest Hammock – Orange Park (Starting in the $180,000’s)
  • Durbin Crossing – St. Johns County (Starting in the $230,000’s)
  • Greenleaf Lakes – Nocatee (Starting in the $230,000’s)

So where to get started? Check out our 7 Step Homebuyer Checklist here!

Sources:

1: http://www.fortunebuilders.com/10-affordable-housing-markets-millennials/

2: http://www.realtor.org/infographics/2015-generational-trends-report-millennials

 

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