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October 27, at That was two years ago. Now Berry is 26, about to turn So is his fiance, Alicia Kais. In doing so, they are joining thousands of others in their generation in a quest that could revolutionize America's residential real estate business. For decades, baby boomers — those born in the prosperous years after World War II — have made up not only the nation's biggest population group but also the bulk of its home buyers. But they are being supplanted, both in sheer numbers and in the hunger for home ownership, by millennials between 18 and And most of those were millennials. How long can the good times roll for Tampa Bay's housing market for the bubble pops? As millennials get older and think about starting families, they want the same things that baby boomers traditionally have sought — more space, safe neighborhoods, good school districts.
Half of millennial buyers want to live in the suburbs, the same percentage as baby boomers, and both groups prefer single-family homes to townhouses and condos. Millennials, though, can be pickier than baby boomers. Interests rates are historically low and FHA loans require only 3. Plus, "more and more programs are available on the financial side — that allows them to get into housing,'' says Charles Richardson, senior regional vice president for Coldwell Banker. But millennials, particularly in the Tampa Bay area, are house-hunting at a time when the number of homes for sale has rarely been so limited.
High demand coupled with low supply means millennials can find themselves in fierce competition with other buyers for nice, affordable houses in popular areas. Tampa Bay leads the state in home sales as prices jump Recent graduates of the University of South Florida, the Groners had been renting a square-foot apartment in South Tampa. That was getting cramped so they started looking for a house last spring. The couple did everything by the book.