Remodeling? I think it’s a better idea to move!

Renovations are on the rise. As more homeowners are staying put, the need to spruce up their living spaces is gaining more focus.

The 2024 Angi State of Home Spending report released this week details the home improvement projects most Americans invested in last year.

Perhaps unsurprisingly, it also confirmed that one generation is investing more money than any other in home renovations, considering their plans don’t include moving anytime soon.

With 54% of boomers who own homes having pledged never to sell their property, it makes sense that they’d want to make the investment.

Additionally, the news comes after Charles Schwab revealed that most folks of the booming generation are hanging on to their assets, including real estate, for the long haul.

When asked, almost half of boomers surveyed for the report (45%) confessed they wanted “to enjoy my money for myself while I’m still alive.”

Evidently, enjoying their money includes making home improvements.

Baby boomers spent 16.8% more on projects than millennials, who spent an average of $12,101 last year. Gen X wasn’t that far behind, spending an average of $11,781, and Gen Z, which primarily rents their living spaces, spent $9,592 last year.

Given the state of the market and the struggle to create more inventory, it makes sense that the report added that 67% of homeowners prefer putting the work into renovating their current home to better meet their needs rather than moving (It should be noted that 55% of homeowners surveyed cited high interest rates as the primary reason for staying put, rather than the lack of available homes).

It looks like that trend will continue in 2025.

Read the full article here:

https://www.realtor.com/advice/home-improvement/boomers-home-renovation-2024-survey/