Millennials Lead Charge to Revamp Aging Housing Stock
The country’s aging housing stock is prompting homeowners to make more home renovations, particularly among younger owners who have faced limited housing inventories for sale. Nearly half of U.S. homeowners plan to upgrade or remodel their homes this year, according to a new survey from LendingHome, a lender to real estate investors.
But it’s younger homeowners, between the ages of 25 to 44, who are undertaking most renovations and looking to bring new trends and renovations to the aging homes they purchase.
Two-thirds of the U.S. housing stock is more than 30 years old, according to LendingHome. “Our ability to refresh those homes and make them ready for another generation of families is critically important,” said Michael Bourque, LendingHome CEO. Read more