Qualified Remodeler Magazine

DEC 2018

Qualified Remodeler helps independent remodeling firms to survive, become more professional and more profitable by providing must-have business information, namely best business practices, new product information and timely design ideas.

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Page 6 of 56

ouzz Research released a report that indicates more home- owners are taking on bigger and more expensive master suite renovations while addressing age-related needs. e 2018 U.S. Houzz Bathroom Trend Study, released Nov. 14, 2018, compiled information from more than 1,100 respondents. e study reveals a continuation of optimistic trends based on factors of economy and taste. A majority of baby boomers (56 percent) continue to address age- related needs when confronting master bathroom remodels. is results in changes to the layout and design of the master bathroom. Nearly half of baby boomers change the layout (47 percent), while more than a third remove the bathtub (34 percent). ey also tend to upgrade the bathroom with safety in mind, installing grab bars, seats, low curbs, and nonslide floors in bathtubs and showers. Baby boomers were also more likely to renovate, and subsequently spend more while renovating, than other demographics. Almost half of homeowners choose to renovate their master bedroom along with the master bathroom (46 percent). And a portion of master bathrooms even outsize the adjoining bedroom (11 percent). ese trends point to homeowners investing more money in more extensive master suite renovations. On average homeowners spent 33 percent more on master bedroom renovations in 2017 than 2016—spending an average of $2,000 instead of $1,500 for a major renovation. Other takeaways from the report include: ¡ Bigger, more ambitious renovations: A majority of homeowners were more likely to upgrade bathroom amenities like showers (84 percent) and vanities (83 percent) during a master bathroom renovation. is suggests a growing confidence and willingness to make more significant remodels among homeowners who choose to renovate. ¡ Gray on the rise: Gray color palettes continue to lead among color schemes for the home, becoming an increasingly popular choice for cabinetry (rising from 10 percent in 2016 to 16 percent in 2018). ¡ Changes in labor availability: Hiring for general contractors has decreased from 53 percent in 2017 to 46 percent in 2018. is points to an industry-wide labor shortage. Despite this, a large majority (83 percent) of renovating homeowners hired a professional for bathroom renovation projects. Research Reveals Larger Bath Remodels INDUSTRY TRENDS AGING IN PLACE More than half of homeowners over age 50 A report from the Harvard Joint Center for Housing Studies indicates that more than half of U.S. households are head- ed by someone 50 or older. "Housing America's Older Adults 2018," released Nov. 14, predicts that the rising age of heads of households will present chal- lenges to living arrangements, financial resources, health and abilities of those households. According to the report, there is an in- creased need for housing that can support and accommodate an aging population, as more and more baby boomers approach 80. The report—which is a supplement to the Harvard Joint Center for Housing Studies annual State of the Nation's Housing report—also reveals that many homeowners in their 50s and 60s are not financially prepared for retirement and have accrued less savings than prior generations. Jennifer Molinksy, lead author of the report, says, "We need to address gaps in the affordability and accessibility of our housing stock, both of which are essential to older adults' independence and well- being." With this comes a greater need to address relationships between housing and healthcare. Some trends in the report continue to raise concern. There is a historically high disparity between the percent of white and black people who own homes. More than four-fifths of white households over 50 own their homes (81 percent), while just over half of black households of the same age do (57 percent). The wealth gap between homeowners and renters is also significant, as the average home- owner ages 50 to 64 has 60 times more in savings than a renter of the same age; this disparity is nearly as large between those over 64. H Photo: Margot Hartford 6 December 2018 QR QualifiedRemodeler.com IN BRIEF

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