ORLANDO, Fla. – Millennials aren’t just renting longer — they’re increasingly buying homes, and Central Florida is among the biggest hotspots.
A new RentCafe analysis of over 100 metro areas found millennial homeownership jumped 74% in five years, rising to 12.41 million in 2023.
Meanwhile, the number of millennial renter households grew far more slowly — up 5.1% — reaching 12.57 million.
Rentcafe graph showing growth in millennial homeownership versus renting (Rentcafe)What it means for Central Florida
Three metros in the Central Florida area ranked near the top nationally for growth in millennial homeowners:
Lakeland: +140.7% growth in millennial owner households from 2018 to 2023 (No. 2 nationally)
Palm Bay: +111.9% (No. 6)
Deltona: +108.5% (No. 9)
RentCafe’s takeaway: Many of the fastest-growing millennial homebuying markets are mid-size Florida metros where incomes for Gen Y workers have been rising while price increases remain more manageable than in the country’s most expensive markets.
Why Florida is showing such big gains
RentCafe points to a mix of forces pushing and pulling millennial buyers toward places like Lakeland and Deltona:
Relative affordability compared with major coastal markets
Lifestyle and quality-of-life appeal in “sunny” regions
Pandemic-era migration and remote work flexibility, which let some households move away from dense, high-cost city centers
Florida also stood out in rental growth: Orlando posted the largest increase in millennial renters among the metros studied, with renter households up 34%.
The bigger picture
Across the country, millennials have now reached a near balance between owning and renting, and in most places, owning is now ahead.
Rentcafe map of where millennials are owning and renting (Rentcafe)
In fact, RentCafe found that over 80 metros analyzed have more millennial homeowners than renters — a sign that the generation’s long-delayed move into homeownership is spreading beyond just a few markets.
Meanwhile, the full ranking of Florida metros where millennial homeownership increased is as follows:
RankMetroMillennial owner households (2023)5-Year Change (%)1North Port35,144166%2Lakeland47,972140.7%3Jacksonville105,156125.9%6Palm Bay32,530111.9%9Deltona36,715108.5%13Orlando143,70597.6%14Miami248,58397.5%25Tampa169,98786.9%26Cape Coral32,61386.8%53Pensacola32,58371.4%
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