Anyone born between the late 1960s and late 1970s is considered Generation X, the product of Baby Boomers. Gen X grew up on Cheerios, Seinfeld, a few reruns of Leave It to Beaver and no mobile devices to speak of.
If you are reading this and belong to this generation, chances are you purchased your first home when the prices dropped, tapped the equity of your home when values spiked and then found you were underwater on your mortgage and unable to sell and upgrade to a larger home. For the most part, those days are over, according the National Association of Realtors (NAR) 2017 Home Buyer and Seller Generational Trends study, an increasing number of Generation X are placing their homes on the market in hopes of upgrading to a larger home for their families.
Lawrence Yun, NAR's Chief Economist, says Gen X homeowners have been in their homes for an average of 10 years. "Fortunately, a much stronger job market and a 41% increase cumulative rise in home prices since 2011 have helped a growing number build enough equity to finally sell and trade up to a larger home."
This is great news for would-be home buyers who are in desperate need of an inventory boost and may help balance the housing market creating greater home buying opportunities for all. So Generation X, we're counting on you!
Alan Pust, Home Loan Consultant