Retiring Boomers Spark Home Building & Remodeling Boom

By Bill Esler | Posted: 06/15/2014 12:24PM

 

Baby boomers (like me) are set to become even bigger customers for new home building and remodeling. As they plan for retirement, or just after, Boomers are building their dream house or remodeling their current abode to be their idea model of design, comfort and functionality.

Baby-Boomer-Planning RemodelingRetiring boomers will spark a remodeling boom. A study by Wakefield Research for Better Homes & Gardens Real Estate found Boomers will try to make ourselves comfortable by remodeling and refurnishing our current abode: 70% expect the house they retire in will be the best home in which they have ever lived, according to the study.

There are 77 million Boomers in the U.S.,  ages 49-67, so that's a sizable market.

Perhaps more striking is the fact that one-third of Baby Boomers plan to move to a new home during retirement. Even more of those on the younger side of the Boomer generation will do so: 42% of 50-year-olds today plan to move, compared to 36% of 50-year-olds in 1996.

Which States Are Big? Not Florida.

The Carolinas have overtaken Florida and Arizona as the location of choice retiring Boomers. The ranking by found in the survey was:

Retirement States Ages    50            65
South Carolina 20% 19%  
North Carolina 16 16
Florida 15 15
Tennessee 9 12
Arizona 8 10
California 8 6
Virginia 8 6

In 1996, the most important consideration in choosing where to retire was climate. Today, it’s cost of living and health care. Many more Baby Boomers today are resigned to the fact that they’ll be working much longer than their peers surveyed 15 years ago, planning to retire at age 67, four years later than their peers of a generation ago.

 

About the Author

Bill Esler, Woodworking Network, WMS

Bill Esler

Bill Esler, Editorial Director, Woodworking Network Bill is responsible for overall content at WoodworkingNetwork.com Woodworking Network magazine, and related newsletters. Bill also manages event programs for Woodworking Network Live conferences at the Woodworking Machinery & Supplies Expo in Toronto and Cabinets & Closets Expo. He developing audience engagement programs using custom digital printing, live lead-generating events, custom websites, and custom digital and print content. Read Bill Esler's woodworking blogs. He can be reached at besler@woodworkingnetwork.com or follow him on Google+.

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