April 21, 2018

Buyers to Know: Generation X

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Buyers to Know: Generation X

The nation's 44 million Gen Xers, now in their early 30s to mid 40s, are emerging as the next major homebuying group. They’re affluent and educated, and they buy homes at an earlier age than the Boomers did. As the Generation X moves into senior level and executive positions, their desire to spend more of their income on an upgraded home may increase. In 2010, the homeownership rate among those 30 to 24 years of age was 51.6 percent while the homeownership rate for 35 to 39 year olds was 61.9, according to the U.S. Census Bureau. The high participation of Gen-X women in the workforce has fueled the homebuying market.

Homebuying behavior: Gen Xers prefer smaller homes in classic architectural styles. They like established neighborhoods with a sense of community. Because this generation is small, the starter home market is likely to weaken over time.

Presentations given at the 2010 International Builders' Show revealed several characteristics of Gen X clients:

  • Gen Xers love social spaces
  • Most are willing to give up square footage for location
  • Gen X has waited longer than Boomers to have children and when they do have a family, focus on becoming a "super parent"
  • Generally speaking, Gen Xers tend to be goal and career-oriented
  • More so than Boomers, Gen Xers are attracted to minimalism
  • Nice and easily accesible amenities are extremely mportant to the Gen X
  • A neighborhood's walkability plays a huge factor in their attraction to a given property
  • Other facts that are important include outdoor space, sustainable elements and kids' spaces
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