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Wealthiest Generation Xers Losing Interest In Real Estate

An online survey completed by MainStay Investments shows that some of the richest Gen Xers—people who fall between the ages of 26 and 40—have lost interest in buying real estate in the past year.

According to the survey, in 2005 just 13% of Gen Xers plan to invest money in real estate, compared with 32% the year earlier.

Beverly Moore, a managing director at MainStay, who was involved in the survey says, “Their interest in real estate has decreased. While their interest in cash and equities has increased.”

Researchers point out that this slice of society is far wiser about its investment strategies than people realize. The average household income of the surveyed Gen Xers was $211,600, and their total net worth averaged $735,300. Also, 90% of the surveyed Gen Xers identified themselves as homeowners.