When Marcelle Fischler went to see a house, who greeted her was a young couple, with baby toys strung around the home. “I was taken back when the grand mahogany double door was opened by a twenty-something mom with a baby in her arms and a toddler grasping at her knees and her barely thirty-something spouse,” she said.
It is said that Gen X’ers may become the “forgotten” generation, sandwiched between the Baby Boomers who are waiting later to retire and the Y Generation, whose members see themselves as entitled and tech-savvy. Why might members of Generation X offer the Fort Lauderdale housing market a challenge? Considering Generation X has the largest percentage of home buyers, at 31 percent, they may have quite a bit to offer the older Baby Boomer generation and the younger Millennials.
These types of home buyers understand real estate and they think ahead when it comes to seeing how the home’s value may grow in ten years or how much the property taxes will increase on the home’s ¼ acre lot. Real estate agents may face the challenge of trying to explain to this generation what they are buying in terms of functionality. No longer is this generation from 1965 to 1980 interested in the square footage. They are the generation that may be the most forward-thinking who value worthy places to start a family.
Gen X may not be what Baby Boomers hoped, but offer best solutions for community Offerings
Many Baby Boomers are calling Generation X the “slackers,” but they may not be the “slackers” the older generation and perhaps the younger generation sees. In a state such as Florida, that expects to see one of every four of its residents be 65 or older by the year 2030, Generation X could have the advantage in both the housing and job market. With older workers retiring by 2030, Generation X workers will be needed to replace the aging Baby Boomers. With a wide range of skills, employers will draw on Gen X’ers skills in southeastern Florida.
Gen X’ers may have been let down by the assumptions that a good education will help you land a great job and putting money into a home is a great way to build equity for long-term financial security. However, this is not to say that this generation still isn’t the best opportunity to revive a struggling housing market. The reason is because Gen X’ers have the ability to take the lessons from failures. They forge their own paths in the job market and own homes in Fort Lauderdale and elsewhere in Broward county.
Living within their Means
To protect their investments and real estates, Gen X’ers may need living trusts and advance healthcare directives. Another way Gen X’ers can better their lifestyle is to consider downsizing their home and living more within their means. Real estate agents can help this generation find a home that meets their needs and also is very functional. However, Generation X’ers, who still may have a ballooning housing mortgage to pay, should reconsider their budget. What can they cut out to be able to afford their mortgage payment each month?
Though employers may not offer company match anymore, contributing to a Roth IRA can be a smart move if mid-age workers want to build up their nest age and retire when they do reach 67. It also makes sense to run a retirement calculator to see how much you need to make to live comfortably, without becoming destitute in retirement. With children, many Generation X’ers may not have the option to retire at 67 and may have to downsize to a newer, but smaller house, in order to save the money needed to retire. While Generation X has faced some challenges, this generation isn’t the slackers after all that they have been labeled. They simply have been the late bloomers who are looking into homeownership late, as 43 percent of women in this generation report they aren’t married and do not have children and 52 percent of men report they are single and have no children. Generation X’ers also may skip the starter homes, in favor of better quality, fancier homes within their means.