Thursday, June 27, 2019 / by Michelle Ramos
Out of all the generations this century, Gen X has endured the most losses in terms of real estate investments. But is it finally their time to shine this year? Are the Gen X homeowners ready to finally move up their dream home?
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.
- Largest share of home sellers (25%).
- Highest median household income among sellers ($123,6000).
- 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.
Reblogged from: http://bit.ly/2X9cuH4