Boomers Are Spending Big Bucks on Home Renovations So They Don’t Have To Move

Renovations are on the rise. As more homeowners are staying put, the need to spruce up their living spaces is gaining more focus. 

The 2024 Angi State of Home Spending report released this week details the home improvement projects most Americans invested in last year. 

Perhaps unsurprisingly, it also confirmed that one generation is investing more money than any other in home renovations, considering their plans don't include moving anytime soon.

Boomers outspent other generations on home projects in 2024

Baby boomers—those born between 1946 and 1964—spent an average of $14,140 on home projects in 2024, according to the Angi report. 

With 54% of boomers who own homes having pledged never to sell their property, it makes sense that they’d want to make the investment. 

Additionally, the news comes after Charles Schwab revealed that most folks of the booming generation are hanging on to their assets, including real estate, for the long haul. When asked, almost half of boomers surveyed for the report (45%) confessed they wanted “to enjoy my money for myself while I’m still alive.”

Evidently, enjoying their money includes making home improvements. 

Baby boomers spent 16.8% more on projects than millennials, who spent an average of $12,101 last year. Gen X wasn’t that far behind, spending an average of $11,781, and Gen Z, which primarily rents their living spaces, spent $9,592 last year.

Top home renovation projects for boomers

Given the state of the market and the struggle to create more inventory, it makes sense that the report added that 67% of homeowners prefer putting the work into renovating their current home to better meet their needs rather than moving. 

(It should be noted that 55% of homeowners surveyed cited high interest rates as the primary reason for staying put, rather than the lack of available homes.)

It looks like that trend will continue in 2025. 

"Homeowners are clearly committed to their homes. Even as economic pressures and challenges to getting projects done mount, the desire to create functional, personalized, and well-maintained spaces is stronger than ever. The optimism for 2025 reflects the enduring value of homeownership as both a financial and emotional investment," Angie Hicks, co-founder of Angi, told Newsweek. 

According to their research, 93% of homeowners are planning home improvement projects in 2025, while 46% are looking ahead to large-scale projects over the next five years, such as kitchen remodels (31%) and bathroom upgrades (28%). 

Speaking of the kitchen, real estate agents agree that the heart of the home is an important feature for this specific generation. 

“Baby boomers are giving up formal living spaces and are opting for a versatile and open concept floor plan, a space known as the great room,” says Gena Kirk, KB Home vice president of design in Los Angeles. “Two very popular spaces are connected—the kitchen and living areas—and that becomes the hub of the home.”

While the dining room might be on its way out, boomers are still very interested in entertaining friends and family in their homes. 

“As more baby boomers choose to age in place, function continues to be an important factor in the design of the home, and the kitchen is definitely an area they are focused on,” says Kirk.

Younger generations are happy boomers are investing in home improvements

When the time comes, millennials and Gen Zers will be thrilled to inherit homes that have been given so much love and care—so long as the homes get the attention they deserve.

In a 2024 report published by Morning Consult and Leaf Home, a national home improvement company, 68% of boomers admitted they’ve lived in their homes for 30 years or more. Without question, their homes will have seen their share of wear and tear over the decades—and if improvements haven’t been made, that leaves a huge strain on the next generation. 

“The housing market is caught in a generational tug-of-war,” says Leaf Home CEO Jon Bostock. “Boomers will soon face aging-in-place hurdles, while millennials will face the surprise of homes in need of major updates. With an aging and ignored inventory of homes available in the next decade, we may see a crisis that will overwhelm the home improvement industry and strain the budgets of inheriting millennials, impacting the housing market.”

Online renovation designer tool

If you're thinking about starting a renovation on your home, consider using Renovation Designer, a generative AI design tool powered by Hover, a leader in residential 3D property data. Homeowners using the Realtor.com^® tool can instantly see realistic visualizations of exterior and interior home renovations, including kitchen and bathroom renovations.

"Purchasing a home is one of the biggest decisions people will make in their lifetime. When considering renovations, which require both time and money, people should have the information they need to make the best decision for their home," says Andrew Mattie, senior vice president of engineering at Realtor.com.

"Through Renovation Designer and the power of AI, our users can make well-informed decisions concerning their home renovations with confidence and limit unwanted surprises, like a wall color gone wrong or a flooring choice that doesn't turn out as expected. We want to enable people to create the home of their dreams and love it."

Homeowners can access Renovation Designer by claiming their home on the "My Home" page on Realtor.com. Once claimed, the owner can upload photos of their home and start tinkering the changes they want to make, before investing any real time or money.