Lately we have only heard of Millennials and their importance in the consumer market but, really, we have to look at Generation X, since they are the ones that are pushing the housing market right now. This generational band that counts today between the 37 and 51 years of age occupies the second place among the buyers of housing and that, in addition, are acquiring the bigger and expensive than any other generation.
The main reasons for this is that the Generation X was not affected by the crisis in their professional career and currently their purchasing power, although it has also decreased, is higher and they are also in another vital phase, ready to invest in its first or second home.
Although most purchases are of second-hand homes, investing in new construction is also important, but above all, an important requirement for Generation X is finding a home near schools or neighborhoods that are optimal for family life. In addition, also the largest number of sellers is part of that age group that now, after the crisis, they decide to put on sale their house since this one, that was mainly bought 10 years ago, was devalued by the Real estate crisis.
Characteristics of Generation X
The average age of this group is 43 years, the majority are married, and have a family of at least two children who still live with them. Your biggest motivation for buying a new home is re-location because of work or the need to acquire a larger or new one. In addition, it tends to be the strip that most buys single-family homes.
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Source: “Generation X: Buying the Biggest Homes and Biggest Home Sellers,” National Association of REALTORS® Economists’ Outlook blog (April 14, 2017)
