Home improvement spending keeps rising, with the latest records from Harvard’s Joint Center for Housing Studies putting the aggregate at a brand new high of $424 billion.
That’s up 10% from 2015 and a whopping 50% from 2010’s low.
The domestic development zone can thank the Baby Boomers for that.
According to the file, older owners are spending big on home renovations. Not handiest does this demographic have a high rate of homeownership, but they also have the resources to pay for renovations, and they have a look at the state.
“Homeowners age fifty-five and over have ruled the house reworking market for almost a decade, overtaking middle-elderly proprietors because of the primary source of domestic improvement spending,” the report notes. “Older owners are living longer and are more and more inclined and capable of spending on home improvements that permit them to remain appropriately in their present-day houses.”
In reality, spending amongst older proprietors grew more than a hundred and fifty percent $ to 117 billion, in the last two years, the report stated, fueled by a growth in the number of older owners and an uptick in the amount they’re spending to improve their homes.
That means that households age fifty-five and over accounted for half of all domestic development spending nationwide.
