As the Baby Boomers age past 65, the US population is graying at an unprecedented rate, and it’s changing America’s housing needs.
Reports by the Social Work in Health Care journal suggest that the senior population will exceed 20% by 2030, meaning 1 in 5 people will be above the age of 65 (Spitzer et al., 2004). And by 2035, older adults will outnumber kids for the first time in history!
This unprecedented number of older adults has major implications for the remodeling industry, especially when you consider recent AARP reports that found over 90% of this population intends to “age in place,” scheduling care in their homes rather than relocating to nursing facilities.
Today’s post looks at 4 ways this demographic data supports starting a home improvement franchise in 2018.
New Retirees Refocusing on their Remodeling Goals
Members of the Baby Boomer generation, born from 1946 to 1964, are now entering retirement en masse, which is fantastic news for those planning on starting a home improvement franchise in 2018.
The Baby Boomer demographic represents about 30% of the total U.S. population, but they own a disproportionate share of household financial wealth – as much as 60-70% according to reports by the Review of Economics and Statistics journal (Addoum, 2017, p. 870).
With so much disposable income and time on their hands, Boomer retirees pursue new hobbies, investments, and changes to the home environment. And that’s where we come in!
Whether the newly retired Boomers in your area want to spruce up the new rental property in their portfolio, or pull the trigger on those kitchen or bathroom additions they’ve been eyeing for years, they’ll be turning to trusted home improvement franchises like ours.
Empty Nesters Upping Demand for Home Remodeling Services
As the youngest of the Baby Boomers finally reach empty-nester status, their housing needs are changing in ways that reflect their newfound freedoms. Without child-rearing expenses or a need to kid-proof their homes any longer, the Boomers can finally get a little more selfish with their homes. That means big swathes of the Baby Boomer population will be looking to convert kids’ bedrooms into home offices, basement apartments into entertainment rooms and home gyms, and functional family-feeding kitchens into luxury cooking setups. The list goes on and on, and it’s all good news for those starting a home improvement franchise in 2018.
Certain members of this age group will also find that their current “empty nests” are too big for 1-2 people. These young Boomers will be looking to downsize, and when they do, they’ll be looking to invest money in personalizing their new living space.
Aging Americans Need Help Building their Dream Home
Another factor to consider is that America’s aging population will be relying on remodeling services like ours more and more as they age past 65 and their physical condition deteriorates. That means even those older individuals with skills and access to remodeling materials may prefer to contact a Kitchen Solvers team to get things done around the house.
Additionally, some aging Americans will need help building accessible homes as their independence and mobility decline. This is where our storage solutions, bathroom modifications, and highly efficient kitchen overhauls become hot-ticket items.
Learn More About Starting A Home Improvement Franchise
Visit https://www.kitchensolversfranchise.com to get more information about our opportunity, or to book a free consultation.
Addoum, J. M. (2017). Household portfolio choice and retirement. Review of Economics and Statistics, 99(5), 870-883.
Spitzer, W. J., Neuman, K., & Holden, G. (2004). The coming of age for assisted living care: New options for senior housing and social work practice. Social Work in Health Care, 38(3), 21-45.Back