The 2024 Angi State of Home Spending report reveals a significant trend in home renovations, with Baby boomers leading spending at $14,140 on average. As many boomers plan to stay in their homes long-term, the desire for improved living spaces has surged, especially in light of high interest rates deterring moves. The report indicates that 67% of homeowners prefer renovations to moving, emphasizing a growing commitment to enhancing their current living environments as economic pressures continue to shape housing decisions.
Given the state of the market, 67% of homeowners prefer renovating their current home rather than moving, aligning with 55% citing high interest rates as a deterrent.
Baby boomers, averaging $14,140 spent on home projects in 2024, outpace other generations significantly, with their focus placed on enjoying their money while still alive.
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