Baby boomers are favoring home improvements over downsizing, according to a new survey from Chase Home Lending and Pulsenomics. More and more older Americans are opting to age in place through home renovations, shying away from nursing homes or senior communities.
More than half of the baby boomers surveyed don't expect to ever purchase a home again, according to a Mortgage Report analysis of the survey.
"While the millennials are making headlines as the largest home buying group today, boomers are still flexing their economic muscles as an influential generation in the housing market, with 10,000 people reaching retirement age each day," Chase reported.
Boomers are also planning to tackle some key home improvements as they age in place. Of the 6% of baby boomers that own a home, 88% are looking to renovate in the next three years.
Older Americans are focusing on bathrooms in planned and future renovations, with things such as walk-in showers and lighting upgrades at the top of the remodeling agenda.
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