Home design priorities changing as owners age in place
With the largest percentage of homeownership and length of stay, as well as home asset value, the 55-plus market continues to drive demand for home design, remodeling and renovation services.
Older homeowners are more likely to hire a professional when undertaking design and renovation projects, and they tend to spend more on average per project. With many choosing to remain in their current home, they are shifting their attention from redesign to renovations that will support their future needs.
Beginning around 2017, as home prices increased and more long-term homeowners decided for economic and personal reasons not to relocate, demand for design and remodeling services soared. MetroStudy’s Residential Remodeling Index went from a reading of 105 in late 2016 to 120 by the fourth quarter of 2019.
Many firms experienced double-digit annual revenue growth several years in a row. With the economy on surer footing and employment stable, owners who had been spooked by the housing bubble burst that set off the Great Recession, once again felt confident to invest in improving their homes.
