Region's Millennials Pay Less For Homes Than Most

Todays News

Chart courtesy Construction Coverage

As millennial homebuyers devote a larger share of income toward homes, buyers in the Sarasota-Manatee region may be reserving less of the incomes for mortages. That’s according to a new study from Construction Coverage.

The analysis of home prices looked every metropolitan markets nationally, and specifically what costs millennials are paying for homes. It found the national median income in 2023 for millennial homebuyers at $125,000.

In the North Port-Sarasota-Bradenton market, the median millennial income sat around $141,000 for the year. The median home value in the metro market for millennial buyers is around $465,000 for the North Port-Sarasota-Bradenton area compared to the national median. That means when looking at the difference between annual income and the cost of a home, buyers here are better off than nearly any other similar market.

“When compared to all homebuyers in their respective metro, North Port-Sarasota-Bradenton millennials are buying the 4th least expensive homes in the U.S. in the midsize metro cohort,” wrote Mike LaFirenza, a publicist for Construction Coverage, in an email.

Millennials in this market are paying 6.1% less for homes when compared to buyers in the market as a whole. That’s based on comparing the median home value for millennial homebuyers compared to a $495,000 median price for homes for the region in totality. But then, millennials also make slightly less than the median income for all homebuyers in the region, which is around $150,000.

The only other markets where millennials are paying less for homes based on a comparison of incomes and home prices are in the Salisbury market in Maryland and Delaware (15.1% cheaper than marketwide median price), the Salinas market in California (9.6% less), and in another Southwest Florida metro area, the Naples-Marco Island market (6.1% less).

By comparison, millennials in the Davenport, Iowa market, are paying 10.3% higher prices for homes than the median price of homes in the market, the biggest difference in the country.

 

Chart courtesy Construction Coverage

« View The Monday Jun 3, 2024 SRQ Daily Edition
« Back To SRQ Daily Archive

Read More

Coldwell Banker Realty Luxury Listing With Rooftop Putting Green  Sells for Record $12.5 Million in Lido Shores Area of Sarasota

Coldwell Banker Realty Luxury Listing With Rooftop Putting Green Sells for Record $12.5 Million in Lido Shores Area of Sarasota

Jun 10, 2024

Inventory Spikes as Realtors Predict Pricing Competition

Inventory Spikes as Realtors Predict Pricing Competition

Jacob Ogles | May 27, 2024

Forestar Opens Star Farms at Lakewood Ranch First Amenity Campus

Forestar Opens Star Farms at Lakewood Ranch First Amenity Campus

Apr 30, 2024

Christopher Alan Homes Sells Over 40 Homes in Palm Bay Division

Christopher Alan Homes Sells Over 40 Homes in Palm Bay Division

Apr 22, 2024