Whether you’re curious about Millennials’ financial challenges, seniors’ strong taste for urban living, or the year’s best home renovation projects, check out some of the research that has come out in recent months.
The results may influence your short-term renovation decisions, clarify your housing plans, or prompt you to reconsider your retirement venue.
Seniors Maintain Taste for Urban Living
Seniors from Toronto and Boston, to Chicago and Los Angeles, have a strong taste for urban living and want to age in their cities when they’re over the age of 80, according to the 2017 Aging in Cities survey (http://prn.to/2ys7DI4) by Welltower. Their concerns about city life include affordability, safety, access to health care, and mobility.
Top Remodeling Projects
Read NAR’s 2017 Remodeling Impact Report (bit.ly/2hI0Joo) to see the remodeling projects that provide the greatest financial boost.
Here’s a view of REALTORS® top interior and exterior projects.
Interior Projects (REALTOR rank of projects’ likely value to the home for resale (highest to lowest)
Exterior Projects (REALTOR rank of projects’ likely value to the home for resale (highest to lowest)
Complete kitchen renovation
New vinyl windows
New garage door
Add new bathroom
New vinyl siding
New master suite/owner’s suite
New wood windows
New steel front door
Hardwood flooring refinish
New fiber-cement siding
Basement conversion to living area
New fiberglass front door
Attic conversion to living area
A Pulse on Consumer Sentiment
The Housing Opportunities and Market Experience (HOME) report (http://bit.ly/2gI433d) monitors consumer sentiment about the housing market on a quarterly basis.
Good Time to Buy a Home
34 or under
35 to 44
45 to 54
55 to 64
65 or over
A good time
Not a good time
Expanding Millennial Population Facing Home-buying Hurdles
The potential future buyers—Millennials--of your house are an ever growing group and its members are facing hurdles in their quest for homeownership.
Royal LePage’s Peak Millennial Survey looked at the demographics of Millennials, paying particular attention to peak millennials (aged 25 to 30), and their home buying wishes and challenges. The demographic group is expected to increase 17 percent by 2021.
Here are some findings:
- 87% of Canadians aged 25 to 30 believe homeownership is a good investment
- 69% hope to own a home in the next five years, but only 57% believe they’ll be able to afford one.
- 61% would prefer to buy a detached home, but only 36% believe they’ll be able to find such a property.
- 64% believe that homes in their area are unaffordable, with a significant proportion of respondents in both British Columbia (83%) and Ontario (72%) saying prices are simply too high.
- Of those that don’t think they’ll be able to own a home in the next five years, 69% said that they can’t afford a home in their region or afford the type of home they want. 24% aren’t able to qualify for a mortgage.