Homeownership among Gen X-ers was 72% in 2023, significantly higher than for millennials, at 55%. 19% of Gen X-ers who bought a home in 2023 purchased a multigenerational home as Gen X-ers seem to be caring for parents and have younger adults boomeranging back into their homes.
GEN-X is currently aged between 44 to 59 years of age and are dealing with multiple newish home needs, but the most important one is they are seeking to buy a home that will suit their needs into retirement and beyond. This age group is also dealing with two important factors:
1. Aging parents. The parents of Gen-X-ers are likely in their 60's and older, and probably about to retire if not already retired. Some wish to have their aging parents close by to keep the family close and to be close by for safety, health and other considerations. Others are compelled to live with aging parents whose savings and incomes may be insufficient to sustain them through the end of life. Many plan to age at home, not a nursing home.
2. The kids. Many Gen-X-ers have kids who may have graduated that cannot afford to buy a home, or don't wish to waste money on rent and save up to buy. Others may wish kids to stay at home till they form their own families so that they help with the costs of keeping the home, either via paying some form of rent to their parents or contributing in other ways to the care and maintenance of the home.
The above should be a loud, bold message to agents that the demand for properties that cater to the above needs will grow over time. Key 'wishlist requirements:
1. Single floor homes or those with a primary suite that avoids stairs for aging parents or anyone in the home who is aging.
2. Separation and connection. Being together on one property is wonderful until it's not. Some separation can be very useful. Separate entrances or structures are appealing. Zoning modifications to allow the building of ADU's has been invaluable for many to house family members close by but with some separation too.
3. Lower maintenance, and other operating costs are attractive in keeping fixed (and/or growing) monthly costs down. Knowing what you will have to spend over time is invaluable for planning purposes.
Many of us envision a blissful Kennedy-style Kennebunkport, Maine family compound. In reality many versions of this are possible at all price levels and are very viable options to address multiple housing needs, the kind that also may help fuel relief to our housing shortages.
