Time for Your Dream Home, Gen X!
During the housing market crash, Gen X homeowners lost more wealth than other generations. However, things are changing now! A strong economy, increasing home prices, and the recovery of the housing market are helping this generation to regain their lost wealth.
According to Pew Research Center,
“Their fortunes have rebounded more than those of other generations during the post-recession economic expansion and as home and stock prices have risen. Since 2010, the median net worth of Gen X households has risen 115%. In fact, in 2016, the most recent year with available data, the net worth of a typical Gen X household had surpassed what it was in 2007 ($84,200 vs. $63,400)”.
The same report also mentioned,
“15% of Gen X’s homeowners were ‘underwater’ on their homes in 2010 (meaning they owed more than they owned). By 2016 only 3% were underwater.”
As a result of homes regaining market value and their increasing net worth, many Gen Xers are presented with the opportunity of selling their current home in order to move up to the house they always dreamed of!
According to the 2019 Home Buyers and Sellers Generational Trends Report by the National Associations of Realtors, in 2018 Gen Xers made up the second largest share of home buyers by generation at 24%.
The report also provided some highlights about their purchase:
- Greatest share that purchased a multi-generational home (16%).
- Largest share that purchased a detached single-family home (88%).
- Highest median household income ($111,100).
- Bought the most expensive homes of all the generations.
- Job-related relocation was identified as the primary reason to buy.
But this generation is not only buying- they are selling too!
- Largest share of home sellers (25%).
- Highest median household income among sellers ($123,600).
- Tenure in the previous home was a median of 9 years.
- House too small was indicated as the primary reason to sell.
- 91% sold the home using a real estate professional.
Bottom Line
If you are a Gen Xer who would like to know exactly how much your house is worth today so you can move up to the home of your dreams, let’s get together to analyze your current circumstances.
Are Higher Mortgage Rates Here To Stay?
Are Higher Mortgage Rates Here To Stay? Mortgage rates have been back on the rise recently and that’s getting a lot of attention from the press. If you’ve been following the headlines, you may have even seen rates recently reached their highest level in over...
The Latest Expert Forecasts for Home Prices in 2023
The Latest Expert Forecasts for Home Prices in 2023 Are you thinking about making a move? If so, all the speculation that home prices would crash this year may have you feeling a bit on edge about your decision. Let the data and the experts reassure you. Prices aren’t...
Key Skills You Need Your Listing Agent To Have
Key Skills You Need Your Listing Agent To Have Selling your house is a big decision. And that can make it feel both exciting and a little bit nerve-wracking. But the key to a successful sale is finding the perfect listing agent to work with you throughout the process....
What’s in store for the Greater Salt Lake City housing market this fall?
Utah Realty has an exciting topic for our fall Season blog. As the leaves change colors and the temperatures start to cool, we find ourselves eagerly anticipating the shifts and trends that will shape the real estate landscape in one of Utah's most vibrant and...
Unpacking the Long-Term Benefits of Homeownership
Unpacking the Long-Term Benefits of Homeownership If you’re thinking about buying a home soon, higher mortgage rates, rising home prices, and ongoing affordability concerns may make you wonder if it still makes sense to buy a home right now. While those market factors...
Fitness Tips For Seniors
Fitness Tips Prevent Falls For Seniors As we age, maintaining our balance and stability becomes increasingly important to prevent the risk of falls. Falls can have serious consequences for seniors, leading to injuries and a loss of independence. But fear not,...
The Return of Normal Seasonality for Home Price Appreciation
The Return of Normal Seasonality for Home Price Appreciation If you’re thinking of making a move, one of the biggest questions you have right now is probably: what’s happening with home prices? Despite what you may be hearing in the news, nationally, home prices...
Beginning with Pre-Approval
Beginning with Pre-Approval If you’re looking to buy a home this fall, there are a few things you need to know. Affordability is tight with today’s mortgage rates and rising home prices. At the same time, there’s a limited number of homes on the market right now and...
The Many Non-Financial Benefits of Homeownership
The Many Non-Financial Benefits of Homeownership Buying and owning your own home can have a big impact on your life. While there are financial reasons to become a homeowner, it's essential to think about the non-financial benefits that make a home more than just a...
Remote Work Is Changing How Some Buyers Search for Their Dream Homes
Remote Work Is Changing How Some Buyers Search for Their Dream Homes The way Americans work has changed in recent years, and remote work is at the forefront of this shift. Experts say it’ll continue to be popular for years to come and project that 36.2 million...