The sunny cities of Florida are no longer just for retirees. With industry expanding and the state university system growing, professional opportunities have begun to draw younger generations. This signals a huge shift for Florida real estate developers.
In Urban Land Magazine John Burns, the CEO of John Burns Real Estate Consulting, said this shift means that developers need to anticipate the change by taking an in-depth look at consumers habits and needs. He recommends analyzing potential markets by the decade they were born in, rather than a broad generational group.
“Mark Zuckerberg and my 17-year-old daughter would both be considered millennials, yet their housing needs couldn’t be more different,” said Burns. “You need to look at where people are in their life stage.”
Ultimately, those born in the 50s, 60s, and 70s will continue to make up the majority of the housing market, but there’s opportunity in Florida to begin catering to younger generations. Burns said that developers should plan for 12.5 million households over the next ten years, with approximately 2.5 million of those being owned by individuals under the age of 45. He suggests that developers focus on delivering affordable, smaller single-family homes. “That’s the opportunity,” Burns said, “especially in Florida.”