Aging in Place: Home Improvement Expenditures by Age Group 2003 to 2013
This is the final factoid in a series of four factoids exploring the growing trend among seniors called “Aging in Place.” On average, 10,000 people are turning 65 every day. By 2030, one in five people will be 65 and over. Now facing decisions on where and how to spend their aging years, a majority of these early Baby Boomers want to stay in their homes.
This has spawned an entire remodeling industry that includes construction to modify and retrofit homes for safety and convenience as well as interior design geared to the aging – including furniture, flooring, and lighting.
The Joint Center for Housing Statistics of Harvard University (JCHS) did extensive research from 2003 to 2013 that shows a rapidly increasing percentage of the remodeling industry is from seniors already or planning to “age in place. “
The 65+ age group jumped 67.1 percent in home improvement expenditures over 10 years, while ages 55 to 64 grew by 33.9 percent - together accounting for over 47 percent of total home improvement expenditures in 2013. Ages 35 to 44 and 45 to 54, traditionally the bread and butter of the remodeling industry, collectively dropped their share of total home improvement expenditures by 37.8 percent from 2003 to 2013 partly due to recessionary factors and partly due to their lower population numbers.
Source: Joint Center for Housing Statistics of Harvard University (JCHS)