5 facts that describe Generation X homebuyers

by Joe Ward

homebuyers-characteristics-nar-generational-survey-2015

With all the talk of Millennials and how they fit into the housing market, Generation X doesn’t get a lot of attention as a home-buying population. Gen X-ers, aged 37 to 51 years, make up the second largest share of homebuyers by generation, as they made up 28 percent of all homebuyers last year, according to the National Association of Realtors.

Here are some facts that define Generation X and their homebuying preferences, according to NAR:

 

  1. They buy the largest homes on average. One of the top reasons Generation X-ers buy homes is their desire for a larger home. That could be because they have the largest household of any generation, with 62 percent of households having at least one child in their home. Their average home size is 2,100 square feet.
  2. They buy the most expensive homes. Gen X-ers buy homes with a median price of $261,000. That’s because they have the highest median household income at $106,000. The age group is also responsible for the overwhelming amount of single-family detached homes at 87 percent.
  3. They are saddled with debt. They have trouble saving for a down payment, as 41 percent have credit card debt and 15 percent have child care expenses. They also have the highest median amount of student loan debt at $30,000. Because of this, these buyers are delayed four years from purchasing a home.
  4. Gen-Xers make up the largest share of home sellers. They make up 29 percent of all home sellers. One-in-five Gen X sellers wanted to sell earlier but couldn’t because their homes were underwater. Their primary reasons for selling are job relocation, the desire to move to a better neighborhood and a change in family situation.
  5. They are the most diverse group of homebuyers. Just over 20 percent of these buyers identify as a race other than white, and they also have the highest percentage of buyers who speak a language besides English. Thirteen percent of buyers in the age group were not born in the United States.