Generation X are typically defined as those born between 1965 and 1984. Many are downsizing as they become empty nesters and for many that means turning to renting as a home option.
Renting offers the flexibility that many of this generation have come to expect and it lessens the burden of home ownership.
With the need for less space and the opportunity to put their money to other uses, such as traveling and enjoying fun amenities, renting is a great solution for many in this generation.
Read on to see how this has affected the Bay Area rental market.
The Bay Area housing market continues to be one of the highest in the nation. Renting gives individuals and families a chance to experience living in this beautiful part of California without having to adjust their lifestyles in order to pay a high mortgage.
For the Generation X crowd, renting offers a freedom that they otherwise may not have previously had. They have opted out of large utility, landscaping, and home maintenance bills for a simpler lifestyle.
There’s still a steady stream of Gen X renters out there.
A CNN Money report back in 2015 claimed that most Gen Xers didn’t want to be homeowners, staying in the rental space longer than anticipated.
This is due partly to stagnant wages that made it difficult for some to save for a down payment on a home. For others, it meant the ability to look into job opportunities without being tied down to a home.
While they make up the lion’s share of the rental market, millennials are a little fickle when it comes to choosing where they want to live. In fact, it isn’t uncommon for millennials to move once a year or so.
In a sharp contrast, their slightly older counterparts in Gen X are happy to stay where they are.
Not only is Gen X a healthy part of the rental market, but they tend to make up the biggest share of long-term renters, too.
They’d rather stay put than deal with the hassle of moving, making convenience one of their biggest considerations.
Between affordability and better amenities, such as on-site maintenance, security, and proximity to dining and transportation options, many Gen Xers seem content to rent instead of own.
Since some are likely to have children under 18 living with them, they value two things above all else:
The convenience of work and quality of the local school system. Therefore, don’t be surprised to see more renters between the ages of 36-51 in your office if you’re close to a great school system or office buildings.
Whether you’re a Baby Boomer, Gen Xer, or Millennial, McLellan Estate Co. wants to find the perfect apartment home for you.
No matter what you’re looking for, we’re sure one of our two properties is a perfect match for you.
So get in touch today and schedule a tour!
McLellan Estates operates two apartment complexes in the Bay Area, Crestview Apartments and Old County Road Apartments, both in close proximity to shopping, parks, dining and transportation.