Young adults leaving nest may spark economy

The economy is gaining momentum and unemployment is falling, but the housing market struggles to recover from the 2009 crisis. First time home owners moving out of their parents’ houses could be the missing spark to the stale housing market. Several young adults hope to move out on their own but student and credit card debt hold them back. Countless young adults have lived with their parents long enough to pay off debt, and many are ready to leave the nest.

Economists anticipate new home owners, moving away from their parents’ homes, will stimulate the housing market and in turn benefit other parts of the economy. Moving into a new home offers the most support to the economy and the job market. Chief economist Mark Zandi approximates 3.5 new jobs added for the construction of a single family home. On top of that, new home owners often fill their houses with furniture and appliances, giving a further kick to economic movement.

As more Millennials obtain jobs, it becomes more enticing for these young adults to become home owners. An estimated forty-four percent of adults that live with their relatives intend on buying homes in 2015. Even though a percentage will not follow through with their plan to buy a house, there may be just enough new home sales in the next few years to provide the economy with the boost it needs.

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Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

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