Home-improvement spending nationwide has been growing at almost double the rate of the rest of the retail sector, Brad Hunter writes for Forbes. Buoyed by rising home values, the rising age of the existing housing stock, and a wave of first-time millennial homeowners, the remodeling industry is experiencing a historical boom, reaching a value of nearly $450 billion. Hunter projects what the future of the industry will hold as many are spending more than ever on renovation projects.
The industry can expect to see more discretionary home improvement projects, along with more whole-room renovations—and that growth will be supported by a twin-engine-boost from the two largest generational groups: Millennials, as they enter into ownership, and Boomers, as they begin to need to make aging-in-place modifications within their homes.
Looking ahead, many upcoming high-dollar home improvement trends will relate to aging and mobility. Many homeowners during the next ten years will need to widen doorways, install ramps, grab bars, softer floors, and mobility-enhancing smart-home technology like voice- or motion-activated lighting.
On the other side of the age curve, as Millennials continue to edge into home ownership, a rise in garage remodels is likely to come about, since they’ll look to convert garages and basements into accessory dwelling units (ADUs). Plus, this kind of renovation serves to create a room to rent out, which can help defray a monthly mortgage payment. It can also pave the way for more housing for Generation Z, who are just about to enter the traditional home-buying age bracket and will be looking for dwellings that they can afford.
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