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Boomers Favor Home Improvements Vs. Downsizing

Ageing In Place – Shunning Downsizing

Baby Boomers are shying away from the thought of downsizing. More and more older Americans are opting to age in place, and they’re focusing big on home improvements to make it happen.

Boomers are staying put

According to a new survey, Baby Boomers are increasingly wanting to stay put, shunning away from downsizing, nursing homes and senior communities.

In fact, according to the data, more than half of Boomers don’t expect to ever purchase another home again.

While the Millennials are making headlines as the largest home buying group today, Boomers are still flexing their economic muscles as an influential generation in the housing market, with 10,000 people reaching retirement age each day.

Renovations In Mind

Boomers are also planning to tackle some key home improvements as they age in place. Of the 76% of Baby Boomers that own a home, 88% are looking to renovate in the next three years. Most Boomers say they’re focusing on the bathroom, with things like walk-in showers and lighting upgrades on the agenda. On average, those projects will clock in around $18,000.

With home prices generally healthy across the country, two-thirds of these homeowners are turning to financing options like home equity lines of credit or cash-out refinances to complete their upgrades. On average, homeowners are financing about $18,000 per household with more than half saying they intend to start remodeling within a year.

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*This article does not represent legal interpretation or advice. This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. Seattle Mortgage Brokers, LLC NMLS: LO# 305371 MB# 761615

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