Gen X and the Real Estate
Gen X, the generation born after the Western Post-World War II baby boom, is considered to have a finger on the pulse of the world’s financial and employment activity, and the real estate industry is no exception: Changes in purchasing and sale behaviors are becoming noticeable.
Prior to this, when it comes to property purchasing, it was the baby boomers who led the way. However, and despite the fact that the path to purchasing your own home is full of challenges, Gen X-ers have begun purchasing properties at an earlier age than previous generations, partly due to higher rents and more manageable credit requirements.
What do Gen X-ers look for when its time to purchase a home? They seem to focus on a location that is close to family or friends, and also within walking distance of their place of employment. The ability to enjoy privacy, as well as advantages of being an owner seem to be the top motivations for purchasing.
In Mexico, Gen X-ers have displayed a strong preference for sustainable, comfortable, vertical living that is designed to truly showcase their success as young adults.
That said, property investments are considered one of the most important decisions in anyone’s life, and despite the fact that this generation is a strong advocate of technology, real estate transactions have always been more successful with a face-to-face approach. A shift in this approach, as millennials become the largest segment of the employment sector and reliable augmented and virtual reality applications reach the real estate industry, remains to be seen.