Time for Your Dream Home, Gen X!

During the housing market crash, Gen X homeowners lost morewealth than other generations. However, things are changing now! Astrong economy, increasing home prices, and the recovery of thehousing market are helping this generation to regain their lostwealth.

According to Pew ResearchCenter,

“Their fortunes have rebounded more than those ofother generations during the post-recession economic expansion andas home and stock prices have risen. Since 2010, the median networth of Gen X households has risen 115%. In fact, in 2016, themost recent year with available data, the net worth of a typicalGen 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 owedmore than they owned). By 2016 only 3% wereunderwater.”

As a result of homes regaining market value and their increasingnet worth, many Gen Xers are presented with the opportunity ofselling their current home in order to move up to the house theyalways dreamed of!

According to the 2019Home Buyers and Sellers Generational Trends Report bythe National Associations of Realtors, in 2018Gen Xers made up the second largest share of home buyers bygeneration at 24%.

The report also provided some highlights about theirpurchase:

• 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 tobuy.

But this generation is not only buying- they are sellingtoo!

• 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 tosell.
• 91% sold the home using a real estate professional.

Bottom Line

If you are a Gen Xer who would like to know exactly how muchyour house is worth today so you can move up to the home of yourdreams, let’s get together to analyze your currentcircumstances.