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Mortgage article about GenX reveals enlightening data about Posted by Christine/OK on 7/21/17 4:45am
other age brackets as well . . .
"Study Finds Gen X Homeowners Lacking in Equity"
"Zillow found that the typical Millennial homeowner—someone less than 35 years old—owed their lender about 76 percent of their home's current value, while the median Gen X homeowner—someone between 35 to 50 years old—owed 70 percent of their home's value. In comparison, Baby Boomers owed about 56 percent of their home's value, while seniors with a mortgage owed 45 percent.
"Roughly half of American wealth is held in home equity," said Zillow Chief Economist Svenja Gudell. "Paying off the home mortgage is a key step toward retirement for most Americans, and it's clear from these results that Generation X is further from that goal than older generations because of the Great Recession."
