Millennials in Florida are encountering significant challenges in purchasing their own homes. The housing crisis, economic imbalances, and the high cost of supporting a family have made it difficult for this generation to settle down. In response, many are exploring alternative ways to save money for their future goals, such as living in more affordable accommodations or staying with their parents. Despite earning the second-highest salaries in the state, individuals between 28 and 42 years old are still struggling to achieve the American dream of homeownership.
Giselle Pacheco, a 38-year-old mother of three, has been searching for a home since 2021. However, the high costs of living, down payments, and closing costs have delayed her dream of owning a home where she can raise her children.
“At the beginning, it was difficult to save enough money because even when you have savings, the closing costs are also very high,” she explains. The challenges faced by millennials in achieving homeownership seem persistent, despite their relatively high salaries in Florida.
Florida’s housing crisis has been exacerbated by various factors, including inflation, more luxurious projects instead of median houses, and immigration from other states or countries.
“Miami was relatively affordable compared to other cosmopolitan cities in the United States”, said former state senator and Miami-Dade Commissioner Rene Garcia, but in the last 10 years, the housing prices have skyrocketed.”
Political initiatives, including government assistance programs for first-time buyers, have had a significant impact on families trying to navigate the challenging housing market.
