Here Come the Millennials
Cape Coral is known as one of the best places to retire, but millennials are now dominating the first time housing market.
“I’m 34 and I have a seven-year-old so I’d like to establish more roots,” Fort Myers resident said. She is a mom and a millennial, and she’s looking to buy her first home.
“I’m looking to purchase a home preferably in Cape Coral,” she said. “From what I’ve researched it has the best schools, they have more playgrounds.”
“Close to 80% of the first time homebuyers are millennials.”
Rental prices are very high, about the lowest available is about $1,000.00 a month. With the lower interest rates, this is becoming an uptick for first-time buyers. For those worried about a hefty down payment, there are programs to help lower the out-of-pocket amount due at signing.
“They have programs out now that will allow you to take that as a second on your home, and you can roll a whole 100% of those fees right into where you walk into the closing, sign all your documents, walk out with keys and not pull a dime out of your pocket, and have it all into the cost of your home,” said Bill Johnson Jr., CEO and Executive Director of the Cape Coral Construction Industry Association.
The new generation of buyers and builders are taking notice.
“There’s a lot of great builders out there that are building within that $180-250,000 price point,” Johnson Jr. said.
Cape Coral is becoming a great place to start after being known as a retirement destination.
“Now we’re able to step in where our parents were and buy outlet homes and establish our roots for our children and the next generation,” one Millennial mom said.