subject: Generation "x" is on the Prowl...For Houses?!?! [print this page] Generation "x" is on the Prowl...For Houses?!?!
By Travis Everette
People who are now aged 31-45 were once referred to in a derogatory manner as "Generation X" or simply "Gen X" because we (and I do say we because I'm proud Gen X'er) were seen by our parents, the Baby Boomers, as a pretty nondescript bunch. They didn't think we had what it took to be real adults. My, my, how the worm has turned.
According to a recent webinar produced by the National Association of Home Builders, Generation X is by far the most mobile group of people in the country. Even though the Baby Boomers make up 41% of the population to only 32% for Gen X, the prospect of a housing recovery largely falls on the shoulders of those of us who grew up watching "The Facts of Life" and "The A-Team". Even though they are one of the smaller generations in numbers, the buying power of Gen X should not and will not be ignored.
Mollie Carmichael, whose group (John Burns Real Estate Consulting in Irvine, CA) conducted the survey used in the webinar says "They are in full force with their careers, and they need to accommodate growing families." This need is compounded by a feeling by many in the now middle-aged generation that they want to "show" mom and dad that they've finally arrived as successful members of the adult world. According to Carmichael, the Gen X housing revolution also changes the preferences of the housing industry.
While the Boomers are downsizing to accommodate their shrinking lifestyles, Generation X wants and needs room to grow. While their younger counterparts in the Millennium Generation want to be in an urban environment that is easily walkable and central to everything, that 31-45 year old group is focused on space and family. This will translate to them purchasing bigger houses with space to entertain and handle all the kids, guest, friends, and yepeven grandma and grandpa. They are outgrowing their condos and townhomes and they want the fenced back yard and the larger home. Most also prefer a suburban setting with additional room to spread their wings outside their own propertyso areas with parks and fields will be at a premium.
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