Boomers Are Investing Big in Home Renovations Instead of Moving

Home renovations are on the rise in Arizona, and baby boomers are leading the charge. With soaring property values and rising interest rates, many homeowners are choosing to improve their current spaces rather than search for new ones. And according to the 2024 Angi State of Home Spending Report, no generation is investing more in their homes than boomers.

Boomers Outspend Other Generations on Home Projects

The Angi report reveals that in 2024, baby boomers (born between 1946 and 1964) spent an average of $14,140 on home improvement projects—16.8% more than millennials, who averaged $12,101. Gen X followed at $11,781, while Gen Z, many of whom are renters, spent $9,592.

The reason for this spending spree? A strong desire to stay put. With 54% of boomers pledging never to sell their homes and nearly half (45%) stating they want to enjoy their wealth while they’re alive, investing in their property just makes sense.

Why Arizona Boomers Are Renovating Instead of Relocating

In Arizona, where real estate prices have surged in recent years, many boomers are choosing to age in place rather than downsize. Here’s why:

✅ High Home Equity: Boomers who purchased their homes decades ago have seen tremendous property value appreciation. Using their home equity to fund renovations is a smart way to reinvest in their lifestyle.

✅ Rising Mortgage Rates: Moving could mean losing their low-interest mortgage rate, making it financially wiser to remodel.

✅ Aging in Place: Many Arizona boomers prefer to retrofit their homes for aging-in-place rather than move to retirement communities.

Popular Home Renovation Trends Among Arizona Boomers

So, what kinds of projects are boomers investing in? Here are some of the most popular renovations happening in Arizona:

🏡 Outdoor Living Spaces – With Arizona’s year-round sunshine, boomers are building patios, outdoor kitchens, and resort-style backyards. Fire pits, pergolas, and misting systems are popular additions.

🛁 Bathroom Remodels for Aging in Place – Walk-in tubs, grab bars, and curbless showers make bathrooms safer and more functional for aging homeowners.

🍽️ Kitchen Upgrades – Many boomers are investing in modern, open-concept kitchens with new countertops, energy-efficient appliances, and custom cabinetry.

💡 Energy-Efficient Improvements – Solar panels, smart thermostats, and upgraded windows help reduce energy bills and increase sustainability.

🛋️ Luxury Updates – Home theaters, wine cellars, and hobby rooms are on the rise as boomers choose to enjoy their homes to the fullest.

What This Means for the Arizona Housing Market

Boomers staying put is contributing to low housing inventory, which continues to drive demand and keep prices competitive in Arizona. Their renovations are also boosting local contractors, landscapers, and design businesses.

However, this trend could also open opportunities for younger buyers down the line. Renovated homes with modern updates will be highly desirable when they eventually hit the market.

Thinking of Renovating or Selling in Arizona? Let's Talk!

Whether you’re a boomer considering upgrades or a buyer searching for a turnkey property, I’m here to help you navigate the Arizona real estate market. Contact me today at +1 480-298-5551 for a free consultation and give expert advice tailored to your goals.