Better Than Boomers?
Despite lingering perceptions of them as aimless slackers forever mooching off their parents’ largesse, Gen Xers as a whole are deep-pocketed homeowners with clear visions of their remodeling goals.
In a presentation at last year’s Remodeling Futures Conference, Amal Bendimerad, of the Joint Center for Housing Studies at Harvard University, identified Generation X as the group born between 1965 and 1974. To simplify her analysis, imagine a side-by-side comparison of the Gen Xers of 2003 with the “trail” baby boomers of 1995, when both groups were mostly in their 30s. You would see that Gen Xers’ median income was nearly $65,000, compared with $52,000 for boomers. Gen Xers spent $2,200 per year on remodeling, compared with boomers’ $1,800. And 71% of white, native-born Gen Xers owned homes, versus 65% of boomers.
Gen Xers are far more diverse than previous generations, and more likely to delay marriage and parenthood. Yet regardless of race, national origin, marital status, or family formation, they have higher homeownership rates, incomes, and remodeling budgets — and older homes.
Having accounted for 20% of home improvement spending in 2003, Gen Xers are poised to become the dominant remodeling segment. Remodeling activity typically peaks when people are 35 to 45 years old, before dropping off in their 50s and beyond.
Design Within Reach
As much as Gen Xers appreciate design and style, they aren’t particularly loyal to brands or driven by status. One reason is economics, but more importantly, “this is a generation that understands high tech and low maintenance,” marketing consultant Steve Kleber says. Whereas baby boomers seek “authentic” products, such as granite counters and cedar decking, Gen Xers are open to man-made materials that won’t chip, warp, or end up in a landfill. Examples include engineered quartz, polyurethane molding, and composite decking.
Additional features of the Gen-X house:
- Wireless everything. Keyless entry, wireless Internet, lighting and music controls, as well as integrated systems that let homeowners manage functions such as security, HVAC, and cable TV remotely.
- Bold colors. Gen Xers are more interested in home as self-expression than long-term investment. Overheard in focus groups: “I want to paint every room in a different color that my mother will hate.”
- Mood controls. Gen Xers like technology that reflects their mood, from controllable lighting and music to, eventually, wall-mounted plasma TV screens that display downloadable art.
- High-tech appliances. The Gen-X preference is for appliances that are professional-grade but energy-efficient.
- Health-promoting technologies. Whole-house water filtration systems; hands-free faucets, toilets, and eventually doors and lighting.
- Casual spaces. Gen Xers are “more into refrigerator access than a sit-down dinner and wine tasting,” Kleber says. This means larger kitchens with eat-in breakfast bars instead of dining rooms, and informal accommodations for last-minute guests.
- Temperature-controlled outdoor living spaces.
- Multipurpose rooms — guest room, nursery, studio, home office — that can be “repurposed”’ as needed.