Posted in Industry News
As Multigenerational Housing Increases, Baby Boomers Won’t Relocate – They’ll Renovate
Baby boomers all over the nation are looking for some R&R– and we aren’t talking rest and relaxation. Rather, boomers are after home renovation and remodeling. According to The Demand Institute, baby boomers (those ages 50-69) are more likely to “age in place” and venture into a home remodel instead of relocating. As we discussed in our post on multigenerational housing, baby boomers are the “sandwich generation,” so decisions about remodeling may be driven by the needs of their children or parents also living within the household.
According to the study of nearly 4,000 baby boomers, nearly 63% have no plans to leave their current homes, and about 39% are planning to do a major home improvement job within the next three years. When applied to the national population as a whole, that equates to about 17.5 million homes needing remodeling services in the U.S.
While adding age-appropriate amenities like walk-in showers, bathtubs, or installing handrails are important in an “age in place” renovation, making valuable improvements to the exterior of the house are also important. LP® SmartSide® Trim & Siding, for example, is great for remodeling because it offers the warmth and beauty of traditional wood with the durability of LP engineered wood to remain structurally sound against rot and decay brought on by termites, extreme weather conditions or impact.
For renovation ideas, ways to visualize your home remodel, or to locate a remodeler nearest you, visit http://www.upsidetosmartside.com
This information and the websites identified above are provided solely as a convenience to the reader. They are not intended to state or imply that the editors of Engineered Wood or LP Building Products sponsor, recommend, endorse or are affiliated or associated with the companies or products listed.