Housing experts say they are seeing a drop in homeownership among members of Generation X. Burned by the Housing Crash and burned out on the long commute of the suburban lifestyle, many people in their mid-30s to mid-40s are searching for luxury apartments in urban areas. Owning a home doesn’t make as much financial sense anymore. And, it doesn’t always fit the modern lifestyle.
According to a recent article by Yahoo Finance, there has been a boom in apartment construction. Meanwhile, single family home construction is down. Housing analysts had attributed the trend to millennials who are slow to become financially independent. However, now the evidence is pointing to middle-aged former home owners as the ones who are gravitating back to the easy, breezy rental lifestyle.
Some Gen-X’ers haven’t been in the market for an apartment since they moved out of a college dorm and into an apartment with bed sheets for curtains. When searching for apartments for rent, they are more sophisticated now. So, what should a Gen-Xer look for in an apartment community?
- Built-ins, upgrades and Wi-Fi
Many Gen-X’ers are gravitating toward luxury apartments with high-end features such as gourmet kitchens, oversized closets with built-in organizers and crown molding. Having been homeowners, they are used to having granite countertops, ceramic or wood plank floors. Many luxury apartment builders offer upgrades in units including garden tubs and balconies.
- Resort-style amenities
After spending years mowing a yard and paying for gym memberships, it’s refreshing for many middle-aged people to be able to enjoy the perks of city living as a renter. They can search for apartments for rent that feature a fitness center, dog run, pool and possibly even meditation room or indoor climate-controlled basketball court.
Gen-X’ers are still in the prime when it comes to career. They will be happier if they select an apartment that is convenient to restaurants, entertainment, retail and major highways. For more information about how Wood Partners can help you find the perfect apartment community for your needs at any stage of life, contact us.