August 16, 2019
Generation Xers are Keeping Their Larger Houses
The sociological phenomenon of difference among generations continues to have a pronounced effect on the way these large groups of homeowners and buyers express themselves in the marketplace. While to some of us it feels like just yesterday that the major magazines of the day were taking stock of Generation X—of how they were “slackers,” “over-educated and underemployed,” and, well, grungy—clearly times have changed indeed. Now this group is not just figuring out the “adulting” thing. As their Boomer forebears age into retirement at record rates, these “slackers” are growing into middle age themselves, and find themselves faced with the antics of their Millennial and Gen Z descendants. And, in the process, as established homeowners, Gen Xers are choosing not to downsize their larger houses at the same rate their parents did.
And why are their houses larger? Because these groups are showing a pronounced preference for multigenerational housing into a later stage of life.
This favoritism for multigenerational housing, results, it seems, from the fact that the young-adult children of Gen Xers are moving back in with mom and dad, in what counts as a seismic shift in the concept of single-family housing—whether because they must (in the case that they can’t find gainful employment or simply can’t afford housing on their own) or in order to save money. Naturally there will be considerable overlap between the two impulses. Rent is high these days, as we’ve pointed out before, and the housing inventory has been low, particularly for starter homes, driving prices out of the reach of younger buyers (many of whom are saddled with some of that college debt you’ve likely heard about). Gen Xers recognize what their children are going through, andare doing what they can to help “the kids” gain a foothold in the economy. This would be hard to do from a smaller home. (And some pundits scratch their heads over why the collective impulse is stronger in younger Americans? Perhaps it’s because, on some level, this has been the only way they have managed to survive.)
When you buy a house, whether just for you or for you and your adjacent generational family, you want to be sure your purchase comes with clear title, in order to avoid problems at closing. Topouzis & Associates, P.C. is your bulwark against problems of the past. We do title searches and ensure you are gaining clear title to your property—and we back our services with offerings of title insurance (click here), in case someone along the line of ownership did something that will weaken your claim to title at some point in the future.