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OLDER HOMEOWNERS OUT PACE MILLENNIAL BUYERS IN MIAMI & THROUGHOUT FLA
It’s no secret that Florida is the retirement capital of the country, but it still might be surprising to see that seven out of ten of the nation’s cities with older homeowners are found in the Sunshine State. We recently reported that a housing sell-off by baby boomers will potentially cause a national housing surplus, but in Miami, where inventory of affordable single family homes is already low, young families are perched to snap up homes in coveted neighborhoods with highly ranked schools. Ten thousand baby boomers reach retirement age each day, a statistic that will continue for the next 20 years.
FLORIDA DEVELOPERS CATER TO OLDER HOMEOWNERS WITH PLANNED LIFESTYLE COMMUNITIESMany people look to Florida for their retirement due in part because developers are catering to them by way of planned communities. According to LendingTree Chief Economist Tendayi Kapfidze, builders in Florida customize developments to meet the demand from retirees, which don’t exist to the same extent in other cities.
The average homeowner in Miami, Broward and West Palm Beach is 57.4 years old, according to the LendingTree report. Only 6.6 percent of house or apartment owners in these South Florida cities are below the age of 35.
OLDER HOMEOWNERS OUT PACE MILLENNIAL ... more

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