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How Gen X Remodels

GenXers will drive future growth of remodeling market

Staff
February 1, 2006
Professional Remodeler

Sidebars:
Lead-Safety Rules Proposed
Design Awards
The Poll

Generation X has a higher homeownership rate and spends more on remodeling than baby boomers did at a similar age, according to Harvard University's Joint Center for Housing Studies.

"Even though they're facing higher housing costs... when they do buy homes and when they do remodel their homes, they're still highly likely to purchase some high-quality items, selective luxuries," said Joint Center scholar William Apgar at the 2006 International Builders Show.

Generation X has a homeownership rate of 71 percent, while just 65 percent of boomers owned homes at that age. The Joint Center also reported that GenXers spend on average 20 percent more on home improvements than boomers. That's great news for long-term remodeling growth. In 2006, remodelers can expect low-to-mid single-digit growth, said Kermit Baker, director of the Joint Center's Remodeling Futures Program.
 

Lead-Safety Rules Proposed

The anticipated EPA ruling on lead-safe work practices was filed in the Federal Register on January 10, 2006 and is now in the midst of a 90-day comment period.

The rule, which will take effect two years after official enactment, applies to any renovation project that disturbs more than 2 square feet of a painted surface in pre-1960 housing with lead-based paint present. The EPA is proposing the use of inexpensive test kits to judge whether lead-based paint is present in the home rather than having more rigorous formal testing done by certified inspectors.

Design Awards

Professional Remodeler is accepting entries for the 2006 Best of the Best Design Awards program. Eligible projects must have been completed between January 1, 2005 and May 15, 2006. Projects are judged by region, with regional gold winners eligible for national awards. To enter any of the 21 categories, visit www.HousingZone.com/designawards, or call 630-288-8184. Entry deadline is May 15, 2006.


The Results


The Poll

Which type of remodeling job did your company do the most of in 2005?

  1. Kitchen
  2. Bath
  3. Addition
  4. Whole-house
  5. Deck/patio
  6. Basement
  7. Exterior
  8. Other interior

To cast your vote and view the results as they are tabulated, visit www.ProRemodeler.com


© 2008, Reed Business Information, a division of Reed Elsevier Inc. All Rights Reserved.

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