As housing becomes more costly, members of all generations are having a harder time preparing for retirement. According to the National Association of Realtors, which cites information from Prudential Financial’s 2024 Pulse of the American Retiree Survey, members of Generation X are significantly unprepared for retirement, with many having less than $50,000 saved. Because of this, many Gen Xers are finding themselves dependent on their families for financial and housing support. Nearly a quarter of those aged 55 years old expect to need financial support from family in retirement, and about 21% also expect to need housing support. Interestingly, the generation is also most in need of larger homes with the report noting that nearly 20% of Gen Xers are purchasing homes specifically with multigenerational living in mind.
Not to mention, “Gen X was hard hit by the global financial crisis as they likely purchased their first home during the boom years and may have been underwater in their property or lost their property to a distressed sale,” says Jessica Lautz, NAR’s deputy chief economist. “However, we have seen Gen Xers are boomeranging back financially and in the housing market.”
PB Topical Ref
