Houzz released a study today on existing and emerging industry trends for 2015 that found many baby boomers plan to age in place, spending money to modify their current homes. Outdoor living spaces and new technologies have also gained popularity, while spending remains high on core rooms such as kitchens and bathrooms.
Houzz's numbers are based on an online survey conducted from February to April of 170,000 U.S.-based homeowners registered as users of the website. The homeowners who were surveyed either started or finished remodeling projects in 2014, are in the process of one, or plan to start one in 2015. Projects include any type of remodel from interior to exterior upgrades.
Here are highlights from the report.
Boomers Are a Big Deal
This age group is still a driving force in the market. More than half of baby boomers age 60 and up plan to stay in their current homes as they age, and 52% of that group plan to do renovations in 2015.
In 2014, younger baby boomers (age 55 to 64) spent almost double what millennial homeowners did on interior remodels.
How Pros Are Hired
People still rely heavily on reviews and word-of-mouth when looking for a remodeler. However, millennials are twice as likely as younger baby boomers to hire based on the lowest price.
Taking Design Outside
Outdoor living areas have been growing in popularity for a few years now, and Houzz’s numbers support this trend. The most popular upgrades were on patios, terraces, and decks, which are staples that make the outside more inviting.
K&B Remain Key
Kitchens and bathrooms are still the most popular spaces homeowners choose to remodel, and they account for the highest spending.
In the Works
More than half the respondents say they are budgeting for renovations, and almost half are budgeting for redecorating. Four out of five of these homeowners also plan to hire a professional for these projects.