Why Has Generation X Renting Longer Than Baby Boomers?
Nestled between the largest generations in American History - Baby Boomers and Millennials - Generation X is often overlooked simply because it is less populous. As this generation nears it's peak earning years, its impact on the economy will become more significant. First, they will have to overcome some financial challanges, particularly when it comes to housing. The recent recession most severely impacted Gen Xers simply because of their age and where they were at the point in their lives.
Contrary to what most would expect to be the case - that Baby Boomers should have a longer tenure as renters than the younger generations simply because of the age - C.A.R's 2016 Renter Servey found the opposite to be true. Gen X has actully been renting for a median of 12 years, one year longer than Baby Boombers, who has been renting for a median of 11 years. This is due to Generation X being the hardest hit by the housing crash of 2007.
Figure 1: Total Number of Years Renting.