As we all know, the bottom dropped out on the economy in 2008. The housing market crashed and things went a little sideways. Now, over a decade later, new home construction still hasn’t made a full recovery which means that American houses are getting older. And reports show that homeowners are choosing to invest in remodeling instead of moving, with baby boomers responsible for most of that market.
Why more baby boomers are choosing to invest in remodeling projects over new houses
Harvard University’s Joint Center for Housing report found that Americans spent an astonishing $425 billion on home improvements in 2017. That’s a record high, a 10% increase from 2015 and a remarkable 50% jump from 2010. To say the very least, the home improvement market is doing quite well. And baby boomers like Meridian Design Build founder Joe Balich are much to blame.
With the boomers entering their 70s and 80s, they’re choosing to invest in improving the accessibility of their homes rather than relocating. The generation is graduating into the elderly category, many of whom are now faced with disabilities, so they’re investing in projects to customize their homes to their new needs.
And they’re saving money in the process.
The report found that the increase in home improvement spending is linked to the rise in home prices. The fact is, homes are simply more expensive these days. And with that, more and more people are choosing to stay put and to instead invest their money where they stand.
In the report, it’s also noted that people are living longer, many maintaining good health. So, the investment in these home improvement projects is allowing the baby boomers to stay safely in their current homes.
Like the baby boomers, you might find that investing in a remodeling project is the right choice for you. If so, we can help you bring your vision to life.
We are Meridian Design Build, Ltd. a Charlotte construction company that provides every client with comprehensive, timeless results with an unwavering commitment to quality, character and integrity. Ready to start a project?