Baby Boomers account for nearly half of all spending on home improvement projects nationwide and when they undertake a project they invest “for keeps.” More than 60% of Baby Boomers plan to stay in their homes as they age, so with that expectation in mind, they tend to pay a little more to get high-quality materials and to get the best workmanship. An analysis by Zelman and Associates shows that, even after the kids move out, most empty-nest parents want to remain in a single-family home.
This refutes the axiom that empty-nesters always seek to downsize. As a matter of fact, many empty-nesters are deciding to reconfigure space within the same home, and have space available for the kids (and grandkids) when they come to visit. When these people put money into a home improvement project, they invest with a long time horizon in mind, and that can include putting in features that will provide ease of accessibility and convenience as they age.