Generation X, also known as Gen X , is the generational extract of Americans that are sandwiched between the Baby Boomer Generation and the Millennial generation (also called Generation Y). Researchers usually define the Generation X as a transitional generation that starts around the 1960’s and ends in the early 1980’s.
In Real Estate, Generation X is a generation that never fully developed the way it should. They were beginning to enter homeownership at the peak of the housing bubble, so they were the generation that got the worst end of the stick when the Great Recession came. Calculations show that from 2007 to 2010 Generation X lost 45% of its wealth, while Baby Boomers had their savings to help them stand on their feet, and Millennials were too young to suffer an instant loss – though they paid (or are still paying) that bill via higher priced/longer stretched student loans and a much higher cost of living for them. But, since that, a decade ago and economy quickly got back on its feet, in the last couple of years Generation X has finally started its comeback. And it makes much more sense, because they are at an age where they are likely to have a family and at their prime when it comes to earning money – in fact, Gen X’ers are the largest generation with kids still living in their home, and the highest earners; although Baby Boomers have the largest fortune. So it’s pretty understandable that they are a driving force of change in the real estate market, looking for the best school districts for their children, or a bigger house to finally accommodate their needs and give a little bit of comfort. The dog days are over!
Moreover, they are an interesting generational extract to Real Estate because they conserve a lot of the ideals of the generation that came before (Baby Boomers), whereas the Millennials are just too far apart from it, which demand practical changes from the real estate market in order to attract them. That means the Generation X is less disruptive when it comes to Real estate, and the truth is that every business would choose to stay the same forever if they could. But they can’t, so Real Estate has to adapt to Millennials’ needs while accommodating everything that was built for Baby Boomers and the Generation X.
Generation X is in many ways the inventors of the workaholic way of life. They brought computers to the home and the internet to popularity, which made the work hours extend beyond the time you were at work, but way before that, they were already living most of the time at work, which probably is one of the reasons why it’s the generation with the highest divorce rate in history. Stress is one of its biggest complications, and add to that the apex of advertisement that lead to them being one of the generations with the worst nutrition ever, and we get to an abysmal increase in heart attacks and heart conditions at a young age.
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