CHARLOTTE: Baby boomers continue to express their desires to remain in their existing homes and age in place. A survey from the Demand Institute in 2014 that shows 63% of boomers plan to stay right where they are. Many have decided to stay by choice (85%).
This desire and the current state of their homes will lead to more boomers, 39% according to the study, looking to renovate their current homes in the next 12 to 18 months and 78% cite the top reason to renovate is to increase home value and make repairs. Yet this appreciation for home improvement is for monetary reasons and not specifically to age in place. This desire to renovate helps support research from Fannie Mae that shows that there has been little sign that boomers are preemptively downsizing.
The opportunity is for clever retirement community operators to undertake the profitable renovations work and continue to provide goods and services to the same household forever…