By now, just about everyone in Costa Mesa looks back on the last decade’s housing bust with a lot less consternation than heretofore—time can do that (as well as the recovery of temporarily lost value). For some Costa Mesa homeowners, the temporary nosedive in Costa Mesa real estate values was little more than an uncomfortable learning experience. For others, it served as confirmation of the long-term store of value their Costa Mesa real estate embodies. But for others, the dominant memory is of the severe dislocation it and the accompanying worldwide financial meltdown triggered. Members of the Gen X group (those born between 1965-1980) could have ample reason to identify with any of the above—but there’s reason to believe the first two claim more adherents.
The Pew Research Center has gone over the statistics and emerged with these factoids about the generations and how they have fared, post-recession. The first one may be the most surprising:
- Gen X households are the only ones to recover the wealth lost in the Great Recession. This was as of July 2018, but is eyebrow-raising since the Gen Xers were, according to Pew, “particularly hard hit.” That makes sense since they were younger than the Boomers, so more likely to have entered the market when prices were at their peak. Their superior rebound is explained by the fact that wealth tends to rise most quickly at younger ages—so the rebound caught their earnings sweet spot.
- Today, Typical Gen X homeowners have more home equity than before the housing collapse. Since Gen Xers are in the prime working-age range, they’ve displayed the most consistent “ability to rebuild wealth.” Compared with the Boomers, Silent Generation, and to a lesser extent, Millennials, they have attained the most robust household income growth since 2010.
The final takeaway by Pew’s analysts is that Gen Xers’ first-hand experience has been a painful but valuable lesson in the consequences of economic contractions. For many, it has also been a demonstration of the long-term value of homeownership.
No matter which generation you belong to, for the latest in today’s Costa Mesa real estate offerings, we hope you’ll give us a call!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at firstname.lastname@example.org