The Millennials and Stuart FL
There’s been much written about the millennial generation as of late. I’m not sure all of it is true. Though here are some very interesting facts:
Millennials are those born between 1980 and 2000. The Millennial generation is the biggest in our history so far. Even bigger than the Baby Boomers. They grew up digitally with access to smart-phones, texts, and computers from day 1. Unfortunately, Millennials have lower employment levels, smaller incomes and thus less money to spend than previous generations. Also, unlike previous generations, Millennials are postponing much of the American dreams such as home ownership and marriage, either by choice or by financial realities or both.
In many areas of the country where it’s possible Millennials are also foregoing car ownership which was previously unheard of in American society. This new generation is also harnessing the power of on-line and social media for their shopping and entertaining and not relying on the typical physical store locations, cable TV and movie theaters.
So, when it comes to my area of Martin County FL, for the most part our Millennials are those that have returned to live with their parents. They are not buying homes here but are contributing to our economy in the jobs they manage to secure. And for the most part, these are relatively lower paying employment opportunities in the service and tourism industries.
The impact on our local real estate market has been fairly minimal to negative. Many families have postponed their downsizing because their Millennial children have come back and are living with them. Those Millennials that have found some good jobs tend to go to a more urban area than our quiet little Stuart.
Though, I think this will change sometime in the near future. Millennials will find work and will pay off their debts and get married. And, as they grow older, they too will seek the peace and tranquility that a small town like Stuart, FL can offer them and their families.
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