The 7 best places for Generation X to buy real estate

Given the current economic climate, this may not seem like the best time to buy property. After all, mortgage rates are still high, homes are more expensive than ever, and there is a lot of competition from other buyers. But if you're a Gen X in a position to buy real estate, there's no time like today to consider your options.

With so many emerging locations to choose from, it can be difficult to decide what's best for you and your family. "Gen X buyers looking for the best real estate locations should focus on dynamic cities with solid job markets and vibrant cultural scenes," said Gagan Saini, director of acquisitions at JiT Home Buyers.

"Generation X people are in their 40s and 50s today, so statistically they are at the peak of their careers and are likely to have school-aged children," added Jonathan Rundlet, Regional Owner at EXIT Mid-Atlantic. “The best markets for this generation will be those that have good schools, offer space and have family-friendly activities available. Where the urban markets are more suitable for the young professionals, this generation needs more space but still needs to be near career opportunities."

If money is no object, Saini suggests checking out suburban locations near big cities like Scottsdale, Arizona or Arlington, Virginia. Alternatively, consider metropolitan areas that offer cultural diversity, a booming economy and solid investment opportunities such as Seattle or Austin, Texas.

Aside from these areas, here are 7 of the best places to buy property if you're Gen X.

Austin, Texas

Austin, Texas is one of the best places to buy real estate if you are a Gen X. "Known for its thriving job market, vibrant cultural scene and attractive quality of life, Austin has become a hot spot for real estate investment," said Dennis Smiklov, real estate broker at Walsen Real Estate. "The city offers a wide variety of properties, from an apartment in the city center to houses in the suburbs, catering to different preferences. The strong demand for housing, along with favorable economic conditions, make Austin an attractive option for potential buyers."

South or Southeast Florida

"As a Gen X myself who lives in Florida, I think there are a number of great places in Florida to buy real estate," said Desiree Avila, Realtor, GRI with Charles Rothenberg Realty (Fort Lauderdale). “Since Gen X is getting closer and closer to retirement every day, Florida is a natural choice. It has great weather, tons of beaches, and no state income tax."

While South Florida is still a prime location for many people, it has become increasingly crowded and expensive over the years. If you're looking for warm weather and easy access to the beach, check out places along the coast like Palm Bay. Other Florida cities that are still affordable and full of opportunity include Davenport, Leesburg, Cape Coral, Bonita Springs, Destin and Jacksonville.

Toledo, Ohio

Located in the northeastern part of the United States near Lake Erie, Ohio is one of the cheaper states to live in. And if you are looking for a place to buy a house, settle down and raise your family, Toledo is a good option. 

"Toledo offers potential buyers an approximate 5:1 inventory to buyer ratio," said Rinal Patel, founder of We Buy Philly Home. "The percentage of listings with reduced prices is 23% and the typical mortgage payment as a percentage of income is about 26%. So, houses in this location are quite affordable.”

Denver

If you're looking for another medium-sized city with lots of recreational activities and stunning scenery, Denver is another great option. "Denver has become a popular choice for real estate investment due to its strong job market, recreational opportunities and attractive lifestyle," said Smiklov. "The city offers a combination of urban and outdoor services, which makes it attractive to a wide variety of buyers. Denver's real estate market has seen constant growth, with increasing demand for housing."

El Paso, Texas

Affordable and full of sunny days, El Paso is a city with a dense suburban vibe, sprawling neighborhoods, and plenty of parks and other family-friendly outdoor spaces. "This city has a lot of things that make it a good location to get real estate," Patel said. "It has a strong economy and labor market, no income tax, low living expenses and affordable housing."

Lincoln or Omaha, Nebraska

"When it comes to finding the perfect cities for Gen X homebuyers, I have two fantastic recommendations: Lincoln and Omaha," said Scott Bergman, Realtor at Realty ONE Group Sterling. "These vibrant Nebraska cities offer a combination of affordability, thriving job markets and an incredible quality of life."

Both cities are still cheaper than the national average, meaning Gen X can lead a comfortable lifestyle without worrying so much about the cost. There are also plenty of diverse job opportunities in both cities, allowing Gen X buyers to continually grow in their careers while providing financial stability for their families. And last but not least, Omaha and Lincoln rank high in terms of healthcare, education, entertainment, recreation and safety.