We often hear about how the Millennial generation has taken the residential market by storm. As the largest working population, this generation leads the way in many home buying trends, but they are not the only ones purchasing property. According to an article published by Forbes, the NAR has confirmed that Generation X is getting back into the real estate game.
The National Association of Realtors® has released their annual Generational Trend Study and some interesting and positive trends have been observed. Namely, that there are once again a growing number of Generation X households selling and buying property. This is great news for the generation hardest hit by the 2008 housing crisis and following recession.
Generation X, those children of the 70’s and 80’s, who have boomers for parents, and millennials or Generation Z children themselves, are finally reaping the rewards of an improving economy. The NAR study confirmed that while many Gen X’ers were faced with a large amount of debt and distressed mortgages from the recession, strong job growth and rising home prices are aiding them to be able to sell and buy a new home, or get back into the market once again.
The generational study also noted another strong and interesting trend, which some feel could be here to last. Multi-generational homes are becoming more of a norm than a niche market. Young Boomers in particular are seeking properties with their adult children in mind. One large factor for this shift is the rising cost of rent, and continued growth of home prices, alongside incomes which are not as effective on their own.
There is however, another upside to having more Generation X home owners selling their properties. With more people ready to join the market, a bigger supply of inventory could be seen across the country. This will give more families of various sizes better opportunities to find the home which is right for them, Millennial, Boomer, Gen X’er or all of them combined.
When it comes to helping my clients, I aim to make a positive impact towards all their real estate needs. When you are ready to sell, or buy a home, you want to work with a Realtor® who cares, and is ready to put their expertise to work for you. Learn more at our website, DriscollProperty.com, then contact the Driscoll Properties Team at 847-533-6786 to help you discover the home of your dreams