Gen Xers outspend baby boomers on renovations, as revealed in a new study by Houzz representing the home improvement market. The average Gen Xer spent $25,000 on home renovations in 2023, compared to the $24,000 and $20,000 spent by baby boomers and millennials, according to the report.
Gen X tops out at $180,000 compared to boomers’ $131,000 and millennials’ $148,000, when looking at the top 10% of spenders in each group.
According to Hastings Tribune, Metrics typically define Generation X as individuals born from 1965 to 1980, which puts them between ages 44 and 59. Baby boomers — between the ages of 60 and 78 — precede Generation X, while millennials — ages 28 to 43 — follow.
Experts point to a confluence of factors when addressing why Gen Xers continue to pour money into renovations despite already caring for aging parents and children.
Firstly, Gen Xers are reaching a life stage where careers peak, leading to greater financial stability.
“They are looking to enhance their living spaces for long-term comfort and functionality. They are not just preparing homes for resale but are personalizing spaces that reflect their tastes and needs,” explains Brad Smith, CEO and Interior Designer of Omni Home Ideas.
Secondly, the generation nears empty nest status, freeing up resources and renewing the desire for a more luxurious living environment.
