More than half of Baby Boomers plan to age in place, electing to renovate in order to meet their changing needs, according to a new survey released by Chase and Pulsenomics.
The Housing Confidence Index surveyed 3,000 heads of households, 753 of which were Baby Boomers.
Among this group, 52% said they will never move from their current home, and 88% said they plan to make improvements to their home, with bathroom renovations topping the project list.
At the metro level, Boomers in San Antonio expressed the greatest desire to stay put at 62%, while Boston-based Boomers scored the lowest at 28%.
Nearly two-thirds of respondents said they think home values are rising in their area, which provides incentive for homeowners to tap their equity in order to age in place – and enhance their investment.
Amy Bonitatibus, chief marketing officer for Chase Home Lending, said Boomers are likely to explore loans that grant access to equity in order to fund home improvements.
“With home prices generally healthy across the country, two-thirds of these homeowners are turning to financing options like home equity lines of credit or cash-out refinances to complete their upgrades,” Bonitatibus said. “On average, homeowners are financing about $18,000 per household with more than half saying they intend to start remodeling within a year.”