Millennial’s frequently get all the attention, but members of Gen X are really the ones running the real estate market lately. Gen Xers – adults between the ages of 37 and 51 – make up the second largest share of home buyers, comprising 28% in 2016, as outlined by data from the National Association of Realtors® (NAR).
Disregard millennial’s: Gen X running today’s business
They’re also buying the largest, most expensive homes compared to every other generation.
The median price of homes purchased by Gen X buyers is $261,000, and the median size of the homes is 2,100 square feet, based on NAR. Further, Gen Xers boast an average household earnings of $106,600 – more than any other generation.
Some Gen Xers are attracted to previously owned homes for their charm and character, although some prefer new homes so they can customize design features, NAR data shows. Gen X buyers are also the most likely to purchase a home in neighborhoods that happen to be convenient to schools.
But they’re also prepared to compromise: 21% of Gen Xers indicate a willingness to make concessions on the condition of a home, more than every other generation.
The most significant share of sellers are also members of Gen X (29%), reported by NAR. They’re selling homes at a median price of $240,000. One in five Gen X sellers say they wanted to sell earlier but couldn’t because their home was worth less than their mortgage. Typically, Gen X sellers purchased their home 10 years ago.
Other findings about Gen X home buyers
They normally have the largest families: 62% have at least one child under the age of 18 years old living in the home; 30 % have two children.
68% are married couples, more than every other generation.
Primary reasons to purchase a home: A desire for a larger home, job-related relocation or even a change in family situation.
Median age: 43 years old.
They have the largest number of single-family home purchasers: 87%.
They’re the most racially and ethnically diverse group of home buyers (21% identify their race as other than white/Caucasian) and also have the highest percentage of non-English speakers.
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