Staying Put – Baby Boomers Opt to Renovate
The desire to move is not a strong one.
According to a recent survey from Chase and Pulsenomics, more than half of the Baby Boomer generation are planning to age in place.
In order to keep the house they have, nine out ten Boomers are looking at making improvements to their current homes, with bathroom renovations being their top project.
Chase and Pulsenomic’s study also shows that these Boomer homeowners don’t expect to ever purchase a new home in the future – which leaves inventory tighter for potential millennial homeowners.
Chief Marketing officer for Chase Home Lending, Amy Bonitatiubus, commented on how these renovations will particularly be paid for: “two-thirds of [Baby Boomers] 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.”
The 2017 housing market saw sellers typically selling their home after 10 years – after Chase’s recent survey, it’ll be important to keep looking at the generational numbers of who will be aging in place.