Renovations are rising, seen as more and more homeowners stay put, increasing the need to elevate their living spaces.
Recently released, the 2024 Angi State of Home Spending report details home improvement projects that were most invested in by Americans last year.
One generation in particular was found confirmed to be investing more money than any other age group in home renovations, with plan to move not coming anytime soon.
Baby boomers, those born between 1946 and 1964, were found to spend an average of $14,140 on home projects in 2024, according to the report.
Even more so, 54% of boomers who own homes pledged never to sell their property, which makes sense that they’d want to make the remodeling investment.
According to Realtor.com, Additionally, the news comes after Charles Schwab revealed that most folks of the booming generation are hanging on to their assets, including real estate, for the long haul. When asked, almost half of boomers surveyed for the report (45%) confessed they wanted “to enjoy my money for myself while I’m still alive.”
Evidently, enjoying their money includes making home improvements.
Baby boomers spent 16.8% more on projects than millennials, who spent an average of $12,101 last year. Gen X wasn’t that far behind, spending an average of $11,781, and Gen Z, which primarily rents their living spaces, spent $9,592 last year.
