The National Association of Realtors recently published a report of Home Buyer and Seller Generational Trends. Understanding generational trends is very interesting and critical in our profession of selling real estate. Over the next few weeks we will be examining the generations and factors that affect the decision making as it relates to real estate. As promised, here are a few points of interest regarding the Gen X generation.
The Gen X generation are those born between 1965 and 1979 (ages 34-48). They currently represent the second largest share of home buyers at 30 percent and the largest share of home sellers at 29 percent. They are the highest income earners at $98,200 and the largest share of married couples at 72 percent. Most have children under 18 in the home at 67%. Their buying motives are the desire to own a home, desire to have a larger home, and job related relocation. The biggest neighborhood influencers are the quality of the neighborhood, convenience to jobs and the quality and convenience to schools. This buyer plans on living in their home for 15 years. 46 percent said credit card debt and 35 percent said student loan debt affected their saving abilities. 19 percent had to stall their home sale because their home was worth less than their mortgage.
Next week we will take a look at the Young Boomers generation. That includes those born between 1955 and 1964, ages 49 to 58.
If you are considering a move or have questions regarding real estate in St. Charles County or the St. Louis Metropolitan area, contact The Boehmer Team at www.TheBoehmerTeam.com.