It may be hard to believe, but the generation that worshipped Kurt Cobain and witnessed the birth of Hip Hop is at a crossroads. Gen Xers, born in the early to mid 1960s through the early 1980s, have reached a point in their lives where the kids have flown the coop and retirement is creeping around the corner.
This generation, often typecast as angst-ridden and cynical, is in fact extremely driven and focused on their long-term goals. They’re always planning their next big move – whether it be working longer or deciding where they want to live.
Del Webb, a leading builder of active adult home communities for those 55 and older, recently conducted a study of what Gen Xers really want for their future, and the results may surprise you.
3 Top Trends Among Gen Xers:
1. Gen Xers consider the idea of retiring, but they enjoy working…and many feel they need to.
While 72 percent of 50-year-olds surveyed said they look forward to retirement, 85 percent also reported that they enjoy their jobs. The amount of savings Gen Xers have set aside for retirement has increased as compared to those of the same age group a decade ago, with only 35 percent reporting having saved less than $50,000, as compared to 50 percent in a Del Webb survey conducted ten years ago. Despite this, most Gen Xers acknowledge that they may need to continue working longer. This has had a major impact on developers of adult home communities, and an increasing number of these communities are now popping up in large metropolitan areas and employment hubs.
2. Gen Xers plan to pack up and move.
Despite the convenience of living closer to where they work, more than half of Gen Xers surveyed do not plan to reside in their current location in the future. In fact, 60 percent stated they will move, with 58 percent of these people planning a significant move to a new city, state or country. In contrast, only 22 percent of those planning to move envision remaining in their current town.
3. Gen Xers won’t compromise when it comes to living space.
Previous research reported that Gen Xers help to drive the multi-generational housing trend, and this latest study by Del Webb suggests that trend will continue. Of the respondents, 71 percent preferred that their next home have three or more bedrooms, and 29 percent anticipated having to accommodate aging parents. With amenities such as dual master bedrooms, in-law suites and additional living space on their wish lists, Gen Xers are seeking homes designed specifically to accommodate their changing needs. In fact, among those who said they were looking to move, 43 percent expect their next home to be just as large as their current one, while 22 percent plan to go even larger.
Builders of active adult communities have reacted to this trend by introducing innovative new home designs with larger floor plans and work-convenient locations that offer Gen Xers the flexibility they want as their needs continue to change. To read more about the Del Webb study and the future of Generation X, visit the Del Webb Blog, The 55+ Society.