Connect with us

Florida

Post-Boomers: Will Florida real estate appeal to the next generations? | Home Front

Published

on

Post-Boomers: Will Florida real estate appeal to the next generations? | Home Front


Florida has always proven a desired destination for those entering the next chapter of life, most recently fueled by the number of Baby Boomers reaching retirement age running between 3.5 and 4 million annually. Born from 1946 to 1964, Baby Boomers represent one of the largest generational cohorts with approximately 76 million people representing the wealthiest and, therefore, the most enabled in history.

Florida’s appeal has been undeniable, as evidenced by its consistent ranking in the top-three destination states of all online home searches in the U.S., regardless of age. This isn’t surprising given our state’s weather, lack of state income tax, and attractive lifestyle options. Indeed, Boomers make up 41% of Florida’s homeowners and, as Millennials age and the first Gen Xers approach retirement, the demand for housing in Florida will accelerate.

The demographic shift presents challenges and opportunities to accommodate Boomers’ housing needs and preferences. A 2021 AARP survey found that 77% of Americans over 50 plan to stay in their homes as long as possible, signaling a growing market for home modifications, expansions, and community-based support systems to aid aging in place. This choice to stay put lies heavily in favorable tax laws, current low-rate mortgages, and the desire to remain in familiar communities.

Advertisement

With what is described as “The Great Wealth Transfer,” Baby Boomers are passing an estimated $70 trillion to the next generation. This transfer includes wealth in cash and existing homes bequeathed to relatives.

Logic suggests an enormous lift in real estate demand and opportunities for the state. Yet that assumption implies a consistent perspective on real estate from generation to generation for which evidence may suggest otherwise. Shaped by impressionable events such as the Great Recession and volatility in housing values, Millennials approach real estate with more caution and lower overall expectations, choosing to allocate less in primary residences while diversifying more into other forms of investments.

Also among the distinctions may be desired home size. Boomers own twice as many large homes with three or more bedrooms as Millennials. This trend indicates a potential sharp rise in available larger home inventory as Boomers choose to relocate or pass and a question as to whether the next generation will have a similar appetite to absorb. If not, values may not trend with the overall rate of appreciation seen with smaller homes.

Further, as the top second home market in the country, the shift from one generation to another may also be felt in this housing category. While Baby Boomers viewed second homes as investments for retirement, a place for multigenerational family gatherings, and avenues to legacy building, there is evidence Millennials place greater value on flexibility and the thought of experiences in different locations made possible through renting rather than owning a resort property.

Advertisement

By 2030, all Boomers will be at least 65, presenting Florida’s real estate market with challenges and opportunities. This evolution will influence home sales, new construction development, and community planning across the state. Sheer demographic and wealth statistics strongly suggest Florida will continue to be a winner among states as it relates to real estate.

In the end, it may depend on whether children, despite their initial protests, become more and more like their parents when they age as so often we have discovered.

Budge Huskey is chief executive officer of Premier Sotheby’s International Realty.



Source link

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Florida

Central Florida Haiti organization watches as Beryl skirts past island nation

Published

on

Central Florida Haiti organization watches as Beryl skirts past island nation


A local organization said it is prepared to help bring supplies to Haiti if needed following Hurricane Beryl.

Maggie Saint Jean, who runs the Daily Bread Distribution Center in Central Florida, is urging the community to donate items to help both Haiti and local residents.

The organization also said it’s challenging to send supplies to Haiti, but they are determined to help.

“Just because it’s difficult, doesn’t mean people aren’t in need. We still have to make our efforts,” Saint Jean said.

Advertisement

[EXCLUSIVE: Become a News 6 Insider (it’s FREE) | PINIT! Share your photos]

Saint Jean said whether it’s gang violence or storm damage, their mission doesn’t change.

“The focus has to be the same,” Saint Jean said. Whether it’s one issue or five issues, it’s the people. Once you can see the people and their needs, then your focus doesn’t change. Things will come and things will go, but our focus will never change.”


Get today’s headlines in minutes with Your Florida Daily:

Copyright 2024 by WKMG ClickOrlando – All rights reserved.

Advertisement



Source link

Continue Reading

Florida

NASA Returns to the Beach: Bright Beaches in Florida

Published

on

NASA Returns to the Beach: Bright Beaches in Florida


Since publishing NASA Earth Observatory Goes to the Beach in July 2017, we have explored even more of the planet’s coasts via satellite images and astronaut photographs. This week, we return to the beach with a look back at some of our favorite seaside stories published in recent years. The images and text on this page first appeared on November 19, 2023.

An astronaut aboard the International Space Station took this photograph of Destin, Florida, a beach city situated on the Gulf of Mexico coastline.

The city is built on a peninsula that separates the Gulf of Mexico from the Choctawhatchee Bay. Ship transport between the Gulf of Mexico and the bay is possible via the East Pass, while a bridge connects Destin to Santa Rosa Island. The thin white streaks seen in the water are wakes from boats.

Advertisement

Destin is part of Florida’s Emerald Coast, an area that spans about 100 miles (160 kilometers) of the Florida Panhandle. The beaches in this area are known for their “sugary white” sand and green-toned waters. The white sand is comprised primarily of quartz grains that were transported from the southern Appalachian Mountains by the Apalachicola River system. Sunlight interacting with algae in the water produces the emerald color.

Destin’s white sandy beaches, emerald waters, and proximity to the Gulf of Mexico make the town a popular tourist destination. Florida’s Department of Environmental Protection reports an estimated total of 4.5 million annual visitors to Florida’s Emerald Coast. Many tourists visit the area because Destin is a major fishing destination.

This peninsula was initially a barrier island. Over time, coastal processes including hurricanes, sand transport, and changing sea levels connected the peninsula to mainland Florida.

The astronaut used a high-focal-length lens to capture this shot. High-focal-length lenses make it possible for space station crew to take high-resolution photographs of the surface with handheld digital cameras while in a low Earth orbit of approximately 254 miles (400 kilometers).

Astronaut photograph ISS069-E-39255 was acquired on July 30, 2023, with a Nikon D5 digital camera using a focal length of 1150 millimeters. The image was provided by the ISS Crew Earth Observations Facility and the Earth Science and Remote Sensing Unit at Johnson Space Center. The image was taken by a member of the Expedition 69 crew. It has been cropped and enhanced to improve contrast, and lens artifacts have been removed. The International Space Station Program supports the laboratory as part of the ISS National Lab to help astronauts take pictures of Earth that will be of the greatest value to scientists and the public and to make those images freely available on the Internet. Additional images taken by astronauts and cosmonauts can be viewed at the NASA/JSC Gateway to Astronaut Photography of Earth. Caption by Minna Adel Rubio, GeoControl Systems, JETS Contract at NASA-JSC.

Advertisement



Source link

Continue Reading

Florida

The Supreme Court keeps on hold efforts in Texas and Florida to regulate social media platforms

Published

on

The Supreme Court keeps on hold efforts in Texas and Florida to regulate social media platforms


The Supreme Court on Monday kept a hold on efforts in Texas and Florida to limit how Facebook, TikTok, X, YouTube and other social media platforms regulate content posted by their users.

The justices returned the cases to lower courts in challenges from trade associations for the companies.

While the details vary, both laws aimed to address conservative complaints that the social media companies were liberal-leaning and censored users based on their viewpoints, especially on the political right. The cases are among several this term in which the justices are wrestling with standards for free speech in the digital age.

The Florida and Texas laws were signed by Republican governors in the months following decisions by Facebook and Twitter, now X, to cut then-President Donald Trump off over his posts related to the Jan. 6, 2021, attack on the U.S. Capitol by his supporters.

Advertisement

Trade associations representing the companies sued in federal court, claiming that the laws violated the platforms’ speech rights. One federal appeals court struck down Florida’s statute, while another upheld the Texas law. But both were on hold pending the outcome at the Supreme Court.

In a statement when he signed the Florida measure into law, Gov. Ron DeSantis said it would be “protection against the Silicon Valley elites.”

When Gov. Greg Abbott signed the Texas law, he said it was needed to protect free speech in what he termed the new public square. Social media platforms “are a place for healthy public debate where information should be able to flow freely — but there is a dangerous movement by social media companies to silence conservative viewpoints and ideas,” Abbott said. “That is wrong, and we will not allow it in Texas.”

But much has changed since then. Elon Musk purchased Twitter and, besides changing its name, eliminated teams focused on content moderation, welcomed back many users previously banned for hate speech and used the site to spread conspiracy theories.



Source link

Advertisement
Continue Reading

Trending