REASONS MILLENNIALS ARE BUYING HOMES & CHOOSING TAMPA
• Downtown Tampa's $3 Billion makeover (assisted by Bill Gates) is accelerating Tampa's growth and turning it into a modern metropolis. (Forbes.com)
• Rising rents: The cost to own vs. cost to rent is close and getting closer. (Bloomberg.com)
• Strengthening Economy: Increased job creation and faster wage growth. (Bloomberg.com)
• Tax breaks on mortgages. (Bloomberg.com)
• Qualifying for mortgages is becoming easier. (FLRealtors.com)
• Down payment and closing cost assistance programs have been made available making home ownership easier. (Florida Housing)
• Millennials seek less traffic and low crime rates. Tampa has the lowest crime rate compared to other major cities. (Inc.com)
• Millennials are toting home ownership as social status and exciting to hit Instagram with their purchase. (RealDeal.com)
• Atom Data Solutions found Tampa/ St. Petersburg & Jacksonville are 2 of the top 10 housing markets future homebuyers are likely to move to. (wfla.com)
FORBES: WHY SO MANY MILLENNIALS BECOME TRAMPRENEURS
Once upon a time, people lived where they grew up or moved specifically for work opportunities. The city choose them rather than the other way around. These days, Millennials curate their moving options as if they are selecting the perfect avocado, weighing the pros and cons of each potential city before settling on a decision. Three in four U.S. Millennials say they are willing to consider moving to a new city, with 19% planning to do so within a year, and 44% within the next five years, according to "Millennial Matter" research.
Increasingly Tampa, Florida is coming out on top, ranking at the number-one city people moved to in 2016, according to Realtor.com. It also ranks as the hottest city for start-ups, according to Fortune, the most pet-friendly, claims RewardExpert and the best overall city in the Southeast, says Money magazine.
Although Florida as a whole has been changing and getting younger in recent years, a confluence of activity, along with a visionary mayor, accessible airport and diverse population, is transforming Tampa into the hippest city in America.
It turns out that Millennials cite less traffic and low crime rate as two major factors that influence their selection of a new city. To that end, Tampa has the lowest violent crime rate compared to other major cities, particularly Dallas and Atlanta.
Millennials seek communities with water and beaches, warm weather, parks, nightlife, lots of activities and events, and culture. They want thriving breweries and a vibrant music scene. Affordability is another key benefit tipping the scales towards Tampa.
Tampa also benefits from both informal and formal mentorship programs from a core group slightly older peers, like Cigar City Brewing, as well as those that are paying it forward like chefs Greg Baker and Ferrell Alvarez who, in turn, are collaborating with other young people.
Either online or offline, Tampa is the city of romance. The area has a plentiful supply of prospective dates. Nearly three quarters (73%) of Millennials are single/never married. In fact, only 21% of Millennials in the entire Tampa metro area are married, compared to 41% in Dallas, 38% in Nashville, 36% in Charlotte, and 30% in Atlanta.
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