Gen-Xers are those people born between 1965 and 1980. But you don’t hear nearly as much about them as you do Baby Boomers and Millenials, and many of them don’t identify as part of that generation. Still, there are approximately 62 million Gen-Xers in this country. And while the members of Gen X occupy a wide age range and various stages of life – spanning the spectrum from families with young children to empty nesters – they have, nevertheless, some common characteristics, especially when it comes to home buying. So to help you understand your place in this generation and your home buying needs, we’ve put together this home buying guide for Gen-Xers in Los Angeles.
Background for Gen-Xer Home Buying Guide in Los Angeles
Gen-Xers have lived through more of the worst economic times than any of the other later generations. They were more severely and adversely affected by the not-so-distant economic downturn, and, as a result, they are typically more conservative than other home buyers. For Gen-Xers, neighborhood and lifestyle are more important than a home’s fancy features.
Having experienced and keenly felt the recession of the 1980s and what has been termed the “great recession,” this generation is less confident in their job and financial security. For example, Gen-Xers overall lost almost half their wealth during the recession. So they are cautious about making large purchases.
Our point is to begin this home buying guide for Gen-Xers in Los Angeles by helping you understand your financial situation and why you perceive it the way you do. That, of course, will have a big influence on your home buying.
Home Buying Guide – Characteristics of Gen-Xers
Gen-Xers display some marked characteristics when it comes to home buying decisions, such as:
Gen-Xers typically do a lot of research before making a home purchase. They are, therefore, very informed and not very susceptible to sales tactics. They also usually plan to live in a home at least 10 years and so want a home that can be adapted to various stages of their lives.
SINGLE-FAMILY HOME PREFERENCE
Almost 72% of Gen-Xers (which is a higher percentage than in any other age group) want a detached single family home. They often buy in the suburbs because they want a three or four bedroom home with up to 2,300 square feet of living space. Further, although they are concerned about the community and lifestyle a home affords, size of the home and features are more important to them.
We may not want to admit it, but most of us are much like our peers. So this is an important piece of any home buying guide for Gen-Xers in Los Angeles.
SPECIFIC LIFESTYLE PREFERENCES
Gen-Xers also have some pretty specific lifestyle preferences. And one of the top ones is time and freedom to do things they are really interested in. This means that when it comes to purchasing a home, they want time-saving and labor-saving features along with freedom from maintenance. They also prefer a home in a smaller community where they can get to know their neighbors.
FUNCTION BEFORE FLASH
The functional takes precedence over the fancy and flashy for Gen-Xers. Although they want plenty of square footage, they will often be willing to downsize if they are simply eliminating non-functional space. This includes easy access to that functional space as well. For example, 49% want a single-level home, and of those who do want a two-story, 33% want the master bedroom on the first floor.
Don’t Be Overlooked
This last item in our home buying guide for Gen-Xers in Los Angeles is a big one. Millennials and Baby Boomers have taken the spotlight and even get most of the attention with respect to the real estate market. But the fact is Gen-Xers are coming into their own as a big segment of the home-owning market. And a good real estate agent will understand this. Our agents understand your home buying needs as a Gen-Xer and are ready to help you find that home you want.