ST. LOUIS, MO/March 23, 2017 (STLRealEstate.News) You’ve been living under a rock if you haven’t noticed that 90s fashion is back in style, with chokers and Doc Martens lining the shelves of clothing stores today. Celebrities are even sporting Nirvana T-Shirts with black lipstick. This was the thriving time of Gen-X, and they’re having their impact on real estate now, too. The generation was the only one to buy more homes last year than it did in the previous one, according to the latest National Association of Realtors Home Buyer and Seller Generational Trends survey.
The survey went through 5,500 home buyers who purchased a house between July 2015 and June 2016 answered the 132-question sheet. Their responses were compared with results from the previous 12-month period. The people falling into the category of 37 to 51, went from making just 26% of home buyers to purchasing about 28% of properties.
Chief Economist Jonathan Smoke or Realtor.com stated that Gen-X is the group that suffered the most during the great recession. “They were entering home-ownership at the peak of the housing bubble and were also the ones most likely to suffer job losses.” When the housing market crashed, many of Gen-X members were suddenly underwater, owing a lot more than they were bringing in. Since they owed more on their homes than they were worth, they were essentially stuck.
But, today, with a stronger economy, housing values, and a job market, the tide has begin to turn for this generation. Gen-X is in their prime earning years and most of them have families. They’re in the process of moving to better neighborhoods and school districts to give their kids the life they want to provide. They’re no longer stuck like they were 10 years ago. There are home options and affordable suburbs just outside of every big American city today. Things are looking up.