We hear a lot of real estate statistics about Baby Boomers who are ready to downsize or buy a retirement home, and Millennials who at 35% are currently the largest buying demographic. But what about Generation X? Generation X is the demographic most negatively impacted by the housing market crash. If you are Gen X and nervous to buy you are not alone. Here are a few things to consider.
You’ve Had The Time To Rebuild Your Credit
We all learned a lot from the crash which means this time around you will go into homeownership better prepared. You have a far greater understanding of credit and debt, of the importance of a sizeable down payment, and the once neglected truths regarding 30 years of interest. You may be nervous still, but you are wiser than before.
You’ve Had Time To Save
If you are one of many Gen X adults who continued to rent because it was more economical than to buy 10 or 12 years ago, you’ve had the time to save a substantial down payment. Your career is likely well established, you are in your peak earning years, and your medium annual income is the highest of all demographics. This positioning reduces your risk and may finally make you feel confident and comfortable to buy.
You Know The Math
Whether you previously foreclosed or have thus far been a lifelong renter you are going into your largest financial commitment with your eyes wide open. You are more realistic about your budget, regardless of the amount your loan has been approved for. You are more likely to put more than the standard 20 to 30 percent down, and you are more likely to purchase with cash. You also understand the reality of interest and the hidden costs of buying a home better than most other demographics. While you are likely still saving for your kid’s college, odds are you have less debt than your younger demographics.
Still Nervous To Buy?
If you are still nervous to buy reach out to your financial advisor to discuss your concerns. They will help you map out a short and long-term financial plan. They will also advise on budgeting after you buy.
Ready To Start House Hunting In Fairfax Or Loudoun County?
If you feel confident and comfortable to buy reach out to the team at Jerry Sardone Realty. We’ve served Northern Virginia for over 50 years and know this area inside and out. We can advise on the best neighborhoods to meet your needs and will help you find the dream home you’ve been saving to buy!