Time For Your Dream Home Gen X

Dated: June 18 2019

Views: 64

Time for Your Dream Home, Gen X!

Time for Your Dream Home, Gen X! | MyKCM

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.

Blog author image

Matthew Hoagland

My name is Matthew Hoagland, Team Leader of The Hoagland Real Estate Group of RE/MAX Premier Properties. I would like to thank you for considering our services in your search for a new home, listing y....

Latest Blog Posts

The Top States Americans Moved To Last Year

Some Highlights: Americans are on the move, and the most recent Atlas Van Lines Migration Patterns Survey tracked the 2019 traffic flow from state-to-state. Idaho held on to the

Read More

My First 6 Months As A REALTOR W Tony Standrod

Matthew sits down with Tony Standrod, Team Agent with The Hoagland Real Estate Group at RE/MAX Premier Properties, to discuss what its been like his first 6 months as an Agent. If you are thinking

Read More

Should I Sell My House This Year

Should I Sell My House This Year?If one of the questions you’re asking yourself today is, “Should I sell my house this year?” the current Housing Opportunities and Market

Read More

2020 Homebuying Checklist

Some Highlights: If you’re thinking of buying a home, plan ahead and stay on the right track, starting with pre-approval. Being proactive about the homebuying process will

Read More