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.
The Number of Homes for Sale Is Increasing
The Number of Homes for Sale Is Increasing There’s no denying the last couple of years have been tough for anyone trying to buy a home because there haven’t been enough houses to go around. But things are starting to look up. There are more homes up for grabs this...
Home Prices Are Climbing in These Top Cities
Home Prices Are Climbing in These Top Cities Thinking about buying a home or selling your current one to find a better fit? If so, you might be wondering what's going on with home prices these days. Here's the scoop. The latest national data from Case-Shiller and...
The Sun Is Shining on Sellers This Summer
The Sun Is Shining on Sellers This Summer Some Highlights If your needs have changed, now’s a great time to sell and get the features you want most. Many buyers are eager to move between the school years, so you may see a faster sale, multiple offers, a higher...
How Buying or Selling a Home Benefits Your Community
How Buying or Selling a Home Benefits Your Community If you're thinking of buying or selling a house, it's important to know it doesn't just impact you—it helps out the local economy and your community, too. Every year, the National Association of Realtors (NAR) puts...
Gen Z Buyers – Directors Mortgage Quote
If you’re a member of a younger generation, like Gen Z, you may be asking the question: will I ever be able to buy a home? And chances are, you’re worried that’s not going to be in the cards with inflation, rising home prices, mortgage rates, and more seemingly...
What’s Motivating Your Move?
Considering making a move? According to Realtor.com, profit potential and family priorities are the top motivators for homeowners right now.Let’s d What's Motivating Your Move? Thinking about selling your house? As you make your decision, consider what's pushing you...
Now’s a Great Time To Sell Your House
Now’s a Great Time To Sell Your House Thinking about selling your house? If you are, you might be weighing factors like today’s mortgage rates and your own changing needs to figure out your next move. Here’s something else to consider. According to the latest Home...
The Perks of Downsizing When You Retire
The Perks of Downsizing When You Retire Some Highlights If you’re about to retire, or just did, downsizing can be a good way to try to cut down on some of your expenses. Smaller homes typically have lower energy and maintenance costs. Plus, you may have...
The Top 5 Reasons You Need a Real Estate Agent when Buying a Home
The Top 5 Reasons You Need a Real Estate Agent when Buying a Home You may have heard headlines in the news lately about agents in the real estate industry and discussions about their commissions. And if you’re following along, it can be pretty confusing....
Boomers Moving Will Be More Like a Gentle Tide Than a Tsunami
Boomers Moving Will Be More Like a Gentle Tide Than a Tsunami Have you heard the term “Silver Tsunami” getting tossed around recently? If so, here’s what you really need to know. That phrase refers to the idea that a lot of baby boomers are going to move or downsize...