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Older Millennial and younger Generation X homebuyers and sellers aged 35 to 44 years old think the stock market is a better long-term investment than real estate, according to new survey data.

Fewer than half of those buying or selling a home in this age range, 48 percent, think real estate is a better long-term investment, according to the Redfin survey of Americans who hit the median first-time buyer age of 31 years old between 2008 and 2012, during the Great Recession. The survey finds that this is the only age group with less confidence investing in real estate than in the stock market. Younger Baby Boomers, aged 55 to 64, were the most optimistic survey respondents in regard to investing in real estate.

“The oldest Millennials and youngest Gen-Xers entered their late twenties or early thirties during the housing crash, which explains why they are more skeptical about investing in real-estate,” says Redfin chief economist Daryl Fairweather. “This generation experienced a major setback during the housing bust, which hit just as they were most likely to be getting married, starting a family, and becoming a first time homeowner. Looking into the future, we expect to see homeownership increase as Millennials enter prime homebuying age. This is because Millennials have a more favorable opinion of real estate as an investment than Gen-Xers, and Millennials are a larger group than Gen-Xers.”

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