Senior Spotlight: Pandemic Renovations By Generation

The concept of home has evolved over the last two years, and the amount that homeowners has spent on making one’s home their own has magnified. According to the 2022 James Hardie Homeowner Survey, there are distinct differences among generations with regards to how many completed home improvements and how much they spent.

If you think Baby Boomers spent the most because they had the most equity, think again! Only 55% of Baby Boomers remodeled compared to 75% of millennials and 65% of Generation X. Not only did fewer Baby Boomers remodel, but they only averaged a budget of $11,000 compared to $40,000 spent by Millennials. Interestingly, Generation X spent the least at just $10,000.

The two most likely reasons for the differences are the reasons behind the renovations are lifestyle changes and workforce timeline. Baby Boomers faced the fewest (in general) lifestyle changes on account of the pandemic compared to many millennials who suddenly had to run offices and schoolrooms from home. In addition, Baby Boomers generally face a more fixed income either approaching or already in retirement, while millennials are at the start of their career earnings and more likely to face higher income streams.

Do you think your own age and stage in life impacted your design to renovate … or not? Do you have any plans to improve your home in 2022? We’d love to hear abut them! 

Resources Used: Millennials, Severe Storms: Top Factors Fueling Remodeling Boom, James Hardie Survey Reveals Driving Factors in Home Renovation Boom

All my best,

Bobbi Decker
DRE#00607999

Broker Associate
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
NAR Instructor….“Designations Create Distinctions”
CIPS, SRS, ABR, CRS, SRES, GRI, CLHMS, REI, AHWD, RSPS, MSLG

Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/