“Latchkey kids” in their childhood, Gen X are now in their peak earning years, searching for comfort and convenience at home. Learn more about Gen X characteristics and what they’re searching for in their next home.
What is Generation X?
Gen X birth years are between 1965 – 1980, encompassing individuals 41-56 years old. The term Generation X comes from their position sandwiched between Baby Boomers and Millennials. The term Gen X was popularized by the 1991 novel, Generation X: Tales for an Accelerated Culture.
Much smaller than their adjacent generations, Gen Xers are harder to define with fewer overarching stereotypes and trends than the Baby Boomer Generation and Millennials.
Witnessing some of the world’s greatest advancements, including United States space exploration and the invention of the computer, they are tech adept. However, they are not the social media generation of Facebook and Twitter, like Millennials.
This generation is now in their peak earning years within the workplace, making them the highest-earning homebuyers with a median income of $113,300 according to the latest NAR Generational Report. They are also the largest group of home sellers (25%) and purchased the largest homes in size at a median of 2,100 square feet.
What is Gen X known for?
Members of Generation X are educated, hardworking, and tend to be leaders. Founding defining U.S. corporations like Amazon and Google, this generation is self-reliant, resourceful, and independent. Gen X saw more women enter the workforce and pursue careers, so most couples are likely both professionals.
As independent individuals, they value a work-life balance and appreciate informality. Homebuyers 40 to 54 years are also the most racially and ethnically diverse population, with 23% identifying as a race other than White/Caucasian.
How would you describe Gen X?
The proverbial “middle children” of America, the generation is also known as Baby Busters, 13th generation, or the MTV Generation. Spending less time in the limelight and news cycle than their Baby Boomer parents and Millennials or even Gen Z, this generational cohort is often overlooked or forgotten.
On their resume, you might see that they have a “work hard, play hard” mentality, appreciate humor, and value diversity. Perceptions of Gen X are shaped by their independence which means that they value freedom and responsibility. They value meaningful work, and the American dream with a home they can take pride in.
What Gen Xers are looking for in a home
Valuing function over frills, yet expecting a sophisticated style to their homes, Gen Xers home wants are fueled by their need to raise their growing children and take care of older parents as well. Searching for flexibility in order to accommodate their large households, here are the elements they are looking for in a home.
Large, Opulent Spaces
According to the National Association of Realtors Buyer and Seller Generational Trends for 2021, Buyers 40 to 54 purchased the second-most expensive homes at a median home price of $305,000. They also bought the largest homes in size, with large families to accommodate.
As our peak earners, they are most likely to be move-up buyers, using their hard-earned equity to purchase their dream home. Thanks to our current seller’s market, this is a great time for homeowners to cash out on rising home prices and purchase a new home for less by securing a low mortgage rate.
Only 21% of Gen Xers had student loan debt, with a median balance of $35,000, which means they have more disposable income to spend on their homes. In search of a sophisticated upscale aesthetic, they value high-quality appliances and finishes, and floor plan customizations that meet their various lifestyle needs including easy-to-use lighting, sound systems, HVAC, and security systems.
Universal Design
These post-boomers have a wide variety of needs because they’re taking care of loved ones of all ages. That is why homes built with a universal design fit their needs best. Universal design also known as barrier-free design focuses on making a house safe and accessible, regardless of age.
Unlike specific aging-in-place remodeling projects like chair lifts and grab bars, universal design is meant to remain undetected and visually pleasing with wider doors and hallways and open spacious floor plans. The Courtyard House in Huntington Beach is a great example of universal home design.
51% of Gen X homebuyers have children under the age of 18 in their homes which means at-home school learning spaces and play areas are a priority. But these former latch-key kids are also taking care of their older parents, so spaces must accommodate them as well.
Distinct but connected family zones within the home fit their needs best so that everyone can have the flexibility to enjoy their own activities. That translates best to homes with large common areas where family members can gather, and spaces that are also quiet and shielded from the busy household.
Homes with separate entrances and outdoor entertaining spaces including private patios all provide the flexibility and zones most Gen X buyers want.
Multi-Generational Homes
Gen X are the most likely homebuyers to purchase a multi-generational home at 18%. The most popular reason for purchasing a multi-generational home is caretaking for their aging parents (27%) and having children or relatives over 18 not leaving home (24%) as well as moving back into the house (23%).
Multi-generational homes are a rising trend among renters and homeowners, because of their flexible floor plans and ability to easily accommodate adults of all ages under one roof. Common elements of multi-generational homes include separate guest quarters, first-floor ensuite bedrooms, casitas, and separate entrances for added privacy.
Every inch of space matters in a multi-generational home because they must accommodate in-laws, boomerang children, caregivers, and even extended family members. Finding a functional home that can be truly enjoyed by all is the ultimate goal.
