Aging homeowners driving boom in home improvement spending
Posted on Wednesday, March 1, 2017 at 9:49:49 AM
While millennials may be tentatively just entering the housing market, one group of homeowners seems to be responsible for a surge of spending on home improvement projects: aging baby boomers.
According to a recently released report from the Joint Center for Housing Studies at Harvard University, homeowners over the age of 65 are projected to account for roughly a third of all home improvement spending by 2025 - more than double their share from 1995-2005. Overall, home improvement spending will rise 2 percent every year across all age groups, potentially reaching $269 billion in 2025.
This bucks a common trend cited by MarketWatch cites, namely that older homeowners traditionally haven't spent as much on remodeling or renovating their homes as younger homeowners. Experts speculate that homeowners are now looking to "age in place" rather than move to retirement facilities, leading them to modify their homes with senior-friendly features.
Looking to start a home improvement project to make your home more comfortable and accessible? Contact your local lender about the possibility of home improvement financing.