Generation X (those born roughly from 1965 – 1979) is a growing force on the home buying front, according to a recent National Association of Realtors (NAR) study. These 37- to 51-year-olds are approaching their peak earning years and are smart buyers, who know just what they want when it comes to buying a home.
Generation X’s share of home buyers this year was 28%, up from 26% in 2016, and their highest share since 2014.
Millennials followed with a 34% share, baby boomers with 30%. (silent generations made up the remaining 8%)
Between 2015 and 2016, the median size of Gen X home purchases was 2,100 square feet, and the median price was $261,000.
It seems Gen X-ers are of the mindset that it’s a “now or never” environment out there… especially if salaries aren’t increasing quickly enough to keep up with the growth of home prices.
As home values rise, we will need a wider array of people to contribute in the housing recovery, but we need them to know that they can afford their purchase, which is something Gen X-ers seem to be concerned with. Less FLASH, more CASH.