Affluent Homeowners Are Remodeling Instead of Moving
Summary
Many wealthy homeowners are choosing to remodel their current homes instead of moving. This decision is influenced by high home prices, low home sales, and the fact that many still have low mortgage rates, making moving less attractive.Key Facts
- Existing-home sales in the U.S. remain near historic lows due to affordability and economic concerns.
- More than half of U.S. homeowners have mortgage rates below 4%, which is lower than current rates.
- Higher borrowing costs discourage people from selling and buying new homes.
- Older adults (50+) prefer to stay in their current homes and plan modifications to support aging.
- Affluent homeowners focus on remodeling for comfort, customization, and lifestyle alignment.
- Many clients want improvements in spaces like kitchens, master suites, and areas for family and work.
- Remodeling supports long-term goals like retirement, hosting family, and aging in place.
- Homeowners between 45 and 65 often have the financial means and clear plans for home use in coming years.
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