Rising house prices and incomes, an aging housing stock, and a pickup in household growth are all contributing to today’s strong home improvement market. Demand is robust in coastal metros with especially high house values and household incomes. Demographic trends should continue to buoy the market over the next decade, with the rising tide of older homeowners accounting for more than three-quarters of projected growth. Although the huge millennial generation is set to shape future spending trends, younger households have been slow to break into homeownership and the remodeling market.
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Kerry Donahue, (617) 495-7640, firstname.lastname@example.org