According to Harvard University’s Joint Center for Housing Studies, our housing inventory is aging and remodeling projects are up. In addition, restrictions on tax benefits, cost of retirement/nursing homes and escalating home prices, are pushing retirees to add accessibility modifications to allow them to age in place.
Here are a few notes about the market:
Nearly 80% of the nation’s housing stock is at least 20 years old.
40% of the country’s 127 million homes are at least 50 years old
More homeowners have equity as prices rise and that is giving them incentive to undertake larger remodeling projects.
Households 55 and over account for half of all improvement spending among homeowners, according to the report.
More than half of projects that cost $50,000 or more in 2017 were funded with cash, according to the report.
Source:
“Improving America’s Housing 2019,” Harvard University’s Joint Center for Housing Studies (March 12, 2019)