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NEW YORK – Generation X, those born between 1965 and 1980, face an empty nest, and are now looking toward retirement and where they want to live. As they start thinking about their 70s, 80s and 90s, many people in Gen X want to grow older in their own home, rather than move to a senior living community.
Joanna Frank, chief executive and president of the Center for Active Design, said, “Overall demand is for maintaining quality of life as you age.” Some are willing to pay for extra space where they can care for grandchildren, adult children or aging parents, and in some cases, Gen Xers already are acting as caregivers. They also are looking for new developments with access to health and wellness amenities, like hiking trails and tennis courts.
In-demand home features include showers instead of bathtubs, and the latest gadgets to help them as they age. The National Association of Realtors® reports that Gen X members are still amassing wealth and have a median income of $126,900, which means they have more income to spend on future homes where they can age in place.
In 2023, 72% of Gen Xers were homeowners, higher than 55% of Millennials, according to a Redfin report. Cristian deRitis, deputy chief economist at Moody’s Analytics, said, “If they are shopping for homes, given the tightness of the market and remote work, I do believe you see more Gen Xers seeing a home purchase as a home for the rest of their lives.”
Source: New York Times (04/06/24) Schmidt, Gregory
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