A new NewHomeSource study found that 63% of Gen Z would relocate to a cheaper area to buy a home, while only 19% said they’d stretch their budget to stay where they live. More than half of those young buyers are aiming for the suburbs, a shift from the old assumption that Millennials and Gen Z only wanted city apartments and rentals.
That story has a local echo. With Sarasota prices and insurance costs climbing, plenty of young families are already looking at Parrish, North Port, or even out of state. NewHomeSource chief economist Ali Wolf says the drive to own is stronger than ever for this generation, and she recommends buyers learn the terminology and define their must-haves before ever speaking with a loan officer. Builders are also responding with price cuts, closing cost help, and mortgage rate buy-downs.
So what does this mean for our Gulf Coast communities? It means the next wave of homeowners may be settling a little farther inland, and the towns that make room for them could be the ones that thrive. Where do you think Suncoast first-time buyers should be looking? Let us know in the comments.
