Home Remodeling Surge Coming: Here’s Why

As the baby boomer generation ages, many home owners likely will choose to “age in place” and will require remodeling to better suit their changing needs.

“Since much of the housing stock is currently ill-equipped with even basic accessibility features, older home owners aging in place will need to invest in retrofitting their homes in order to age comfortably and safely,” writes Abbe Will, researcher analyst for JCHS.

“Yet the current housing stock is not especially equipped to meet the accessibility needs of an aging nation, as not even a third of homes have what could be considered basic accessibility features, such as a no-step entry and bedroom and full bathroom on the entry level,” JCHS’s analysis notes.

This suggests “the need for significant retrofit spending on existing homes to narrow this supply-demand gap,” the JCHS analysis notes. Meanwhile, “older households in the South and West regions of the country are already better accommodated for aging in place, with relatively more homes in these regions having basic accessibility features, and this trend is not expected to change over the coming decade.”

Source: “Aging Society and Inaccessible Housing Stock Suggest Growing Need for Remodeling,” Harvard University’s Joint Center for Housing Studies’ Housing Perspectives Blog (July 8, 2015)