Baby Boomers Lead Home Improvement Spending

March 8, 2019

Even as homeowners reach their retirement years, they still need to set aside ample funds to take care of their homes. Whether you're a baby boomer and retirement is right around the corner or a young homeowner with many working years ahead, it's important that you budget money for maintenance and repair of your home. 

A recent study from Harvard's Joint Center for Housing Studies showed that many baby boomers are doing what they can to prepare their homes for the future. This generation currently spends the most on home improvements, while millennials lag behind. 

Older generations active in home improvement

The JCHS releases its "Emerging Trends in the Remodeling Market" report every two years. The latest edition, which was based off data from 2013, showed that older generations account for the majority of home improvement spending in the U.S. 

According to the report, baby boomers made up about 50 percent of home improvement spending in 2013, while homeowners older than 65 accounted for 23 percent. These individuals are doing what they can to keep their homes in good shape so they can enjoy their properties during retirement. Many older adults chose to make their houses more accessible, sometimes by installing ramps or hand rails. 

The millennial generation's spending has been lagging behind, especially when you consider its size – the Census Bureau estimated that there were more than 74 million millennials between ages 18 and 34 in 2014. However, experts predict that this group of individuals will spend more as they make the transition from renting to homeownership. 

Keep your home in good shape

Regardless of which generation you belong to, it's important that you dedicate the necessary funds to making essential home improvements. If your property has any of the following problems, you'll need to fix them as soon as possible to ensure that you can enjoy your home for years to come:

  • Cracked foundation
  • Faulty wiring
  • Mold growth
  • Unstable structure
  • Drafty doors and windows
  • Broken appliances.