What Do Generation X’ers Want in Their Next Home?
When it comes to home buying, major media has been focused on the Millennial generation. But, there’s another demographic builders should be paying attention to — Generation X. Gen X’ers were born between 1965 to 1979, and in 2015 they accounted for 27% of all home buyers in the U.S. Now that the economy is rebounding more and more members of this generation are buying their own homes.
What are these buyers looking for in a home and what features are most important to them? Here’s everything you need to know about home building for Generation X.
What is Generation X looking for in a home and neighborhood?
At the time of publication, Gen X’ers range in age from 37 years old to 51 years old. According to the National Association of Realtors the average home buyer in this demographic was 41 years old in 2015, made a median income of $104,600, and wanted a $250,000 home that measures 1,790 square feet.
Many Gen X’ers have families, including young children, and others are caring for aging Baby Boomer parents at home. This influences their values and explains why factors like access to good schools and large homes that can support multi-generational families are important.
What features do Gen X’ers want in their homes?
Generation X’ers would love to see the following features in their next home:
- Versatility, which means they want space for sleepovers, musical instruments and quiet time.
- Home office space to make working from home easier.
- Outdoor spaces like large yards, spacious porches and inviting patios.
- Access to amenities like public transportation, one-stop-shopping centers and nearby parks.
Generation X isn’t following the smaller house trend
Certain studies have shown that the size of the average home in the U.S. is steadily decreasing, and that trend is largely spurred by Baby Boomers and Millennials. However, Generation X hasn’t latched onto the small house trend with the same enthusiasm. Because these buyers need plenty of versatile space to live their lives comfortably, they appreciate (and require) larger homes.
If your target buyer belongs to Generation X, your home builds should be designed to meet their needs. That means plenty of bedrooms, ample outdoor space and access to the amenities that will make their lives (and their families’ lives) easier and more enjoyable.
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