As housing affordability in Florida continues to decline, a new initiative is targeting first-time homebuyers who are struggling to enter the market.
Nestment, a real estate education company, has partnered with Florida-based brokerage The Keyes Co. to launch a five-week program aimed at preparing potential homeowners for the buying process.
The program, called NestGen, will begin May 21 and is open to Florida residents who are considering buying a home in the near future. Applications close on May 19.
“Buying a home in Florida is more challenging than ever — especially for young and first-time buyers,” said Christina Pappas, president of The Keyes Co. “NestGen creates a space where buyers don’t have to figure it out alone, with partners who are dedicated to helping them get into a home that works for them to start building generational wealth.”
The educational program will include weekly sessions covering the basics of home financing, mortgage preapprovals, building a support team of professionals, analyzing property options, and learning creative affordability strategies such as co-buying and house hacking. Participants will also receive guidance on long-term homeownership and property management.
Some attendees may qualify for up to $25,000 in support toward their home purchase, according to organizers.
Affordability challenges continue to mount
Florida has become an increasingly difficult place for first-time buyers. According to Nestment, it ranks 21st among all states in housing affordability, and its share of millennial home loan recipients is among the lowest in the country.
From 2017 to 2021, the median home price that a typical Floridian could afford dropped from $267,600 to $238,800, Nestment reported.
Meanwhile, home prices in cities like Miami and Orlando continue to climb due to population growth and high demand.
Nestment CEO Niles Lichtenstein said the program is designed to provide support for buyers who are exploring alternative paths to homeownership.
“We’ve always believed in the power of homeownership to create generational wealth,” Lichtenstein said. “In Florida, where affordability is a daily challenge, this partnership with Keyes brings buyers the support they need — across every piece of the puzzle, and every neighborhood in the state.”
Helping diverse communities
Nestment reported that more than 80% of its past participants were first-time buyers, and about two-thirds identified as either first-generation immigrants or were from communities of color.
Pappas said the collaboration combines Keyes’ nearly century-long experience in Florida’s real estate market with Nestment’s mission to expand access to homeownership.
“With our team having helped people navigate Florida real estate for nearly a century, and Nestment mission-driven to unlock ownership for more folks, participants will get honest answers, expert insight, and a personal path forward,” she said.
More information and program registration details are available through Nestment’s website.
First Time Home Buyer FAQs - Via HousingWire.com
