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.
Utah’s Housing Growth at Risk?
Rapid price hikes in Salt Lake City and Provo raise serious affordability concerns. Many buyers priced out, causing declining demand and potential home value drops.
Happy Easter
Easter is a Christian holiday that celebrates the belief in the resurrection of Jesus Christ.However, according to many theologians, Easter originally began before the arrival of Christianity.It is believed that Easter is named after the Anglo-Saxon goddess of the...
Tariffs Could Add 5% to Home Prices
The US faces a shortage of 4.4M homes, including 1.3M single-family homes for lower-income buyers. New tariffs on Canadian and Mexican imports could raise home construction costs by ↑ 5%, worsening accessibility.
Home Upgrades Booming by 2032 With 6% CAGR Predicted!
The home improvement market is set to grow from $974.57B in 2025 to $1.46T by 2032, driven by innovation. The Leading Indicator of Remodeling Activity projects a 1.2% increase in year-over-year home renovation spending for 2025.
Cities With the Most Expensive Homes in Utah
Typical home values in various Utah metro areas show significant increases over the past year and five years. Provo-Orem has a typical home value of $658,066 with a 1-year change of +2.9% and a 5-year change of +49.7%. Salt Lake City’s typical home value is $662,640,...
Act Now: Prep for Spring Home Buying
Winter is slow, but 2025 will see more sellers returning, possibly leading to a more balanced market. Buyers should start credit repair now, as spring sees the biggest jump in available homes from February to March.
When’s the Best Time of Year to Sell Your Home?
Spring and Early Summer Are Ideal: These seasons often see increased buyer activity and higher sale pricesLocal Market Variations Matter: Optimal selling times can differ based on regional demand and climate.
Is your homeowners association overstepping? Here are 6 unenforceable HOA rules — and how to protect your rights
An estimated 30% of the U.S. population lives in homeowners associations (HOAs), which can impose rules that may be overly restrictive. However, certain rules are unenforceable, including those that violate state and federal laws, infringe on political speech,...
Key Benefits of Health Insurance in the U.S.
Health insurance covers essential medical expenses like doctor visits, hospital stays, and preventive care. It protects you from high out-of-pocket costs during unexpected medical emergencies.
Guide to downsizing for retirees’s
Single Level Living is the best choice for Retiree's Retirement marks a significant transition in life, often prompting reevaluation of one's living situation and possessions. Downsizing can offer a simplified, more manageable lifestyle that aligns with the needs of...