Even as home sales continue to languish, spirits in the housing services and products industries remain high, thanks to expectations of a coming crush of renovation investment by current and new homeowners.
A recent study from Harvard University’s Joint Center for Housing Studies reveals huge implications for home renovation spending as baby boomers age. According to the study, homeowners over the age of 55 accounted for over one-third of all real estate turnover in the decade between 1997 and 2007, with numbers expected to increase as the generation ages, downsizes, or passes away. Home choice, the study emphasizes, will greatly influence the trends of the home renovation industry, and splits the predictions for future growth two ways.
I read another article that said leaving money to their children was not a priority for the baby boomers… guess we know where they are spending their childrens’ inheritances – at the home improvement stores!
Leave A Reply With Facebook