In the last few years, there’s been a lot of conversation surrounding 25 to 40-year-olds and their home purchasing habits. But according to a new LendingTree study, millennials aren’t the only ones making big purchases – Generation X is doing the same.
Generation Xers are taking advantage of the housing boom
Generation Xers were born between 1965-1980 and range between 41 to 56-years-old. Unlike millennials who are in the early stages of their careers, Generation Xers have been in the workforce longer. And are hopefully more financially stable than the average 20 something-year-old. But that’s not the only reason this generation is shopping for their dream home now.
Generation Xers experienced the 1980 recession. Not to mention, during the 2007 housing market crash, some had just bought their first homes and unfortunately, lost their homes during the crash. In fact, according to a Pew Research study, Gen Xers lost almost half of their wealth during the recession. And even if they didn’t buy their first home in the early 2000s, the chaos of the crash was enough to taint the home buying experience.
It took a while for the housing market to bounce back. But now, as the market surges and interest rates continue to drop, Generation Xers are taking advantage of this opportunity.
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Generation X is flocking to these metropolitan areas
LendingTree reported that Generation X makes up over a quarter of potential homebuyers in some of the country’s largest metropolitan cities. Under millennials, they’re the second-largest group of homebuyers.
“Where exactly are Generations Xers snatching up property right now?” you ask. The answers might surprise you. According to the study, these are the 10 most popular metropolitan areas for Generation X homebuyers:
- Memphis, Tennessee
- Jacksonville, Florida
- Washington, D.C.
- Orlando, Florida
- New Orleans
- Tampa, Florida
- Raleigh, North Carolina.
These are the 10 most un-popular metropolitan areas for Generation X homebuyers:
- San Jose, California
- Nashville, Tennessee
- Austin, Texas
- Buffalo, New York
- Salt Lake City