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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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