In Miami, the deck has often been stacked against these potential homebuyers. They face an home inventory shortage, relatively low wages, and an unemployment level that is only just coming back down to pre-recession levels at 5.4 percent. Erika Elias, a Realtor with Macken Realty, emphasizes building trust with Millennial clients, as well as communicating with them in a way that makes them comfortable with sharing their opinions on properties.

“I have seen that Generation Y buyers are looking for thrifty deals, properties that have a pre-set purchase price,” Elias said. “They seem to be comfortable with fixer-uppers. As of now the market shows a drought of inventory especially in that sector, driving prices up and helping the new construction market.”

Today, more people in their 20s and early 30s are renting than ever before. In many cases, they hold large debts in the form of student loans, or their earnings remain low as the economy continues its slow recovery.

In Miami, a substantial portion of the Millennial population has yet go find homes of their own. A recent examination of census data by the Miami New Times revealed that almost 42 percent of Millennials in the Miami-Fort Lauderdale-Palm Beach area reside with their parents. High home values, high rental costs and relatively low wages are all contributing factors. As the economy improves, there is hope those Millennials who are out of their parents’ homes and are renting will start to purchase homes.

“Millennials who are in a position to purchase will likely purchase this year,” said Jonathan Garcia, a Realtor with ONE Sotheby’s International Realty. “They like factual information and to feel that they are making a smart decision when purchasing real estate. Provide a good and supportive analysis – economy, interest rates, etc. – as to why it’s important to own versus renting and you’ll convince a Millennial to move forward.”