TAMPA, Fla. — The cost of housing in Tampa Bay has many young professionals facing tough choices when it comes to putting down roots and purchasing property.
Financial experts say with those 3 percent mortgage options well behind us, they’re seeing Gen Z and Millennials change their investment patterns.
"Folks that were able to capitalize on that market, they were really lucky. It's possible we may not see that over our lifetime again,” explains Randy Deitke, CFS, CRPC for Edelman Financial Engines.
The longevity in a city also looks different. Deitke says, "for folks who are climbing the corporate ladder, no question, you might have to move two, three, four times in your career to get to that senior or executive level."
Alex Campbell, 28, and 25-year-old Adriana Dothe say right now they’re in a 15-month lease in a holding pattern to buy.
Dothe explains, "I remember my mom saying she already had a 3/2 house by the time she was 28 and I was like ‘uh, must be nice.’”
While inflation impacts almost every aspect of life, Dothe says "I personally need to save more money up for the down payment."
The couple is far from alone. Nia Gillett is an associate planner for Gen Y Planning, which markets specifically to millennials who are navigating the housing market, merging finances, and planning for a future family. She says young professionals are in the middle of making major life decisions and there are not enough resources geared towards their needs.
"There wasn't enough education and support for people our age,” Gillett explains. She and her husband recently bought a home in St. Petersburg after saving up and living under their parents' roof.
She says in this financial climate, "it is more common and almost a necessity to be able to have low or no rent costs, so you can save to buy.”
Right now, investment trends are also changing, with many young professionals focused more on experience over real estate and growing a family.
Gillett says, "A lot of people prioritize travel and experiences, so that might lead to not buying a house because they want to be able to move more easily. We're seeing a lot more people having children later.”
Dothe and Campbell say while they rent, they’re spending time and money traveling. The music lovers just got back from a festival in Nashville and have a list of other concerts and locations they want to enjoy.
Dothe smiled saying, "If I die tomorrow, I want to be happy. Rent is a little more flexible for that extra traveling that we want to do.”
In the meantime, experts like Deitke say, don't put off the planning part, to set your future self up for success.
He says, "The best thing to do is partner with somebody. There's just too many variables in the marketplace now and too many dynamics and really too many life changes. It’s much easier when you have a partner and somebody who's looking out for you."