Gen X Real Estate 2022

We have talked about baby boomers’ retirement and millennials reasons for buying a home. So, this week we discuss Gen X Real Estate 2022. There is some interesting data on this topic. As well as how it affects home buying and even home decorating.

Gen X Definition

First, Gen X is the generation born between 1965 and 1980. Gen X has been ignored until now. In fact, this generation is currently trending on Twitter. This recent tweet describes the generation in comparison to baby boomers.

Funny and true 😆 #GenX https://t.co/6hG7fTwP0q

— The Dias Team (@JoeDias2) April 5, 2022

Gen X Real Estate 2022: Buying Highest-Value Homes

According to a leading digital marketing company, generation X needs no handholding. They know what they want and they can afford it.

The average income of a member of this cohort is $104,700, according to NAR. Furthermore, “they purchase the highest median-priced homes of all other buyers.”

Moreover, insider.com claims Gen X is winning the housing market. Although baby boomers still own the most homes in the United States (more than 40%), it is generation X who own the highest value homes in most counties! But no matter how much money you have “the market’s current dynamics are taking a toll on everyone — regardless of age”. 

Sadly, Generation Z seems to be the hardest hit. For instance, Baby boomers cannot afford a home above the median price in 89 of America’s 100 largest counties.

Gen Z’s available net worth leaves them little room to afford housing. Point2’s data shows that Gen Z Buyers cannot afford a median-priced home in any of the 100 largest US counties. To be sure, the oldest Gen Zer’s are just 25 this year, well below the median age of the first-time home buyer at 45, according to NAR.

Gen X Real Estate Style 2022

If they can afford it, generation X tends toward customized design style in home buying.

Gen-Xers who are 40 to 55 and financially secure tend to be interested in luxury and high-end materials, said Kate Pourhassanian, chief operating officer of HRI Design in Denver, speaking at the panel discussion.

Gen X Statement Space

Both Gen X and Millennials like easy-to-use technology and a clean modern style. In fact, as far back as 2012, Kitchen & Bath Design News note that Gen X and Gen Y (millennials born between 1981 and 1994/6) were “focusing on functionality, seeking out products that are easy to use, easy to clean and easy to live with. Products that save time are also essential, as many younger consumers are either juggling both young children and busy professional careers or working long hours as they pay their dues to try to climb the corporate ladder”. 

Pandemic Effects on GenX 

Surprisingly, wealth of the generation X has increased 50% during the pandemic. The Federal Reserve findings show wealth distribution has now shifted from the older generation to the younger reaching their peak earnings year. This makes sense after reviewing the data found on Gen X and their home value statistics. Interestingly, while the baby boomers have been saving more than other generations, the wealth transfer will further increase the buying power of Gen X.