First time home buyers: The Truth Behind the Struggling Population:
First time home buyers are the ones having harsher difficulties at saving money for a new home, due to their laid-back attitude and a widely spread perspective that sees them as weak-willed. But according to recent reports, Generation X bearers (those whose birthday is between the 1960s and the early ’80s) are the ones struggling the most to accomplish the homeownership goal.
Generation X is in the age range where Baby Boomers were able to buy their second or third home. In fact, many of those are back to the starting point, looking to re-enter as first-time home buyers for the second time, notes a Wall Street Journal report.
Those who belong to that demographic and who are not currently homeowners may have complications in the near future. Rising rental costs and increasing home prices can make it arduous to save for down-payment.
In addition, first time home buyers are not the only ones struggling, because older Millennial are now entering the range of first-time home buyers, and we have to consider the fact that many are just starting their families and careers, making them part of the largest share of non-owners at this time.
Believing that everything has been said about Millennial and the Boomers, believe it or not, the X Generation, is arguably the smallest group between these two demographic giants. On the other hand, X’s have the highest income of all generations right now despite all the mentioned challenges they face according to a report from the National Association of REALTORS®.