Millennials are putting down roots in Florida
Florida metros posted some of the nation’s strongest growth in millennial homeowner and renter households from 2018 to 2023, according to a RentCafe analysis. North Port led the country in millennial homeownership growth, while Orlando topped the list for renter growth.
Millennials are proving the haters wrong: They are not just buying avocado toast. They are buying homes, and Florida metros posted some of the nation’s fastest growth in millennial homeownership from 2018 to 2023.
Florida claimed seven of the nation’s top 15 metros for millennial homeownership growth during the five-year period, according to a RentCafe analysis of census data. RentCafe defined millennials as those born from 1981 through 1996.
North Port ranked first nationally, with millennial homeowner households increasing 166% to 35,144. Lakeland followed with a nearly 141% increase, while Jacksonville ranked third with growth of 126%.
Palm Bay, Deltona, Orlando and Miami also ranked among the top 15.
The growth also reflects the millennial generation’s age and Florida’s expanding population, said Jennifer Warner, Florida Realtors' director of economic development and commercial research.
Millennials were roughly 22 to 37 years old when the study began in 2018 and 27 to 42 when it ended in 2023, placing more of the generation in its prime household-forming years. Florida’s millennial population also grew by about 400,000 people during that period, which helped increase the potential pool of both homeowners and renters, she said.
Florida also posted the nation’s five largest increases in millennial renter households, the report noted:
- Orlando: 34%
- Lakeland: 33%
- Cape Coral: 27%
- Palm Bay: 27%
- Miami: 27%
The findings show that millennials were expanding their presence across Florida housing, but their paths varied by market. Some households bought in metros offering more space or lower price points, while others continued renting in areas with strong employment and lifestyle appeal.
Affordability remained an important dividing line. Home prices in the Florida metros studied ranged from $339,000 in Pensacola to $460,000 in Miami, equal to roughly 4.2 to five times local income for households younger than 40.
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