Baby Boomers Remodeling to Age in Place Will be the Trend: Harvard Study

With a national housing recovery under way, a distinct trend has emerged among baby

boomers in the wake of the housing crisis: remodeling to age in place. The finding is

according to a new report from the Joint Center for Housing Studies at Harvard

University.

“As baby boomers move into retirement, they are increasing demand for aging-in-place

retrofits,” says Kermit Baker, director of the Remodeling Futures Program at the Joint

Center. “A decade ago, homeowners over 55 accounted for less than one third of all

home improvement spending. By 2011, this share had already grown to over 45

percent. And generations behind the baby boomers will help fuel future spending growth

since echo boomers are projected to outnumber baby boomers by more than twelve

million as they begin to enter their peak remodeling years over the next decade.”

Further bolstering remodeling potential is the buildup of distressed properties that will

come back to the market as home values climb back toward their pre-crisis levels.

“With about three million more foreclosures and short sales in the pipeline, there is

even more such spending ahead of us,” says Eric S. Belsky, managing director of the

Joint Center.

The implications are “immense,” the Joint Center for Housing Studies notes, with the

trend by older homeowners toward remodeling being followed only by the next

population surge in the echo boom generation.

HomeFree Home Modification can assist you with your desire to “age in place” at home. By offering a FREE home assessment, we can help you determine the things that need to be done to your home that will allow you to have more safety & independence. You can reach us at 770-939-0747, or info@homefreemods.com .

 

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