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Who's Buying Homes in Florida?

by James H. Sweat, PA 10/18/2020

Image by Michelle Maria from Pixabay

When it comes to the market, the demographics behind the buyers says a lot about its stability. Sellers can use this information to decide how best to showcase their home, and prospective investors can use it to predict the most profitable trends that will influence the state. Plus, it helps buyers know who their neighbors are likely to be (and what the competition will be like). From age to income to family status, we'll look at who's taking center stage relative to the rest of the country and what that's likely to mean for the future. 

Assets, Age & Status 

Florida has a smaller percentage of first-time homebuyers than the national average, which could have something to do with the average age of the buyer:

  • The average age of a Florida buyer is 57 
  • The average income is $85,000 
  • 63% of all buyers are married 
  • 21% are veterans and 3% are active duty
  • 23% of purchased homes were senior-related housing
  • In the US, about one-third of all buyers are first-time owners, but in Florida, the average is one-fourth. 

    Multi-Generational Homes 

    A full 12% of all home buyers bought a home that would house everyone from children to grandparents. This is a trend that the market has been seeing across the nation, but maybe more pronounced in warm-weather climates where people of all ages can settle down. These homes may be purchased primarily to cut costs, but residents find that they enjoy the companionship and camaraderie as much as they enjoy the savings. 

    How People Buy 

    Regardless of age or income, most people are looking for detached single-family homes that are under 2,000 square feet and largely free from structural damage. 39% of buyers will get their housing search started online — though 87% of all searchers will go on to use a real estate agent to complete the sale. 85% of all people found photos to be helpful when determining whether to take the next steps. In other words, sellers may want to stage their fourth bedroom as a study rather than a nursery if they're going to appeal to the largest concentration of buyers. 

    Those who know Florida well may not be too surprised about many of these statistics. People move here to escape everything from taxes to snow, and they tend to have the financial means to back up their wish to come to the state. It seems clear from the numbers though that Florida is likely to continue its strong showings for the foreseeable future. 

    About the Author
    Author

    James H. Sweat, PA

    Hi, I'm James H. Sweat, P.A. and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.