Gen Y and Gen X, Why Should We Know Who They Are?

For the second year in a row, Gen Y, also known as Millennials represented the largest market share of home-buyers with 32% during 2014 up from 31% in 2013. This represents more than double the amount of Baby-boomer buyers*. So, who is considered a Millennial, who is considered a Gen X and what is it they are looking for when purchasing a home? The term Millennials refers to people born during the 1980's and Gen X are people currently between 35 and 49 years of age. During 2014, the median age of millennial home-buyers was 29, their median income was $76,900. A typical Gen X home-buyer was 41 years old and had a median income of $104,600. So what are they looking for when purchasing Real Estate? While Gen Y is more focused on convenience to job (i.e. commuting), Gen X focuses on schools as the family starts to grow. A tool that can help us Realtors better serve both Gen Y and Gen X is RPR as it combines data from a myriad of sources including commuting times, schooling, neighborhood reports and its latest tool "walkability" score. Click here to learn more about these amazing tools that can help us better help our customers no matter what letter of the alphabet designates them. * Source: Latest NAR Survey (to download the entire survey click HERE)

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