Aging Homeowners Drive Growth in Remodeling as Millennials Begin to Gain Footing
May 15, 2018
Harvard University research center releases new report on the home improvement industry
CAMBRIDGE, MA – Homeowner spending on remodeling is expected to see healthy growth through 2025, according to Demographic Change and the Remodeling Outlook, the latest biennial report in the “Improving America’s Housing” series released today by the Harvard Joint Center for Housing Studies. Demographically based projections suggest that older owners will account for the majority of spending gains over the coming years as they adapt their homes to changing accessibility needs. Although slower to move into homeownership than previous generations, millennials are poised to enter the remodeling market in greater force, buying up
older, more affordable homes in need of renovations.