Empty nesters have a newfound breadth of space, time and money. And many aren’t afraid to use it.
Recently, Nationwide worked with Edelman Data & Intelligence to survey 1,000 U.S. homeowners, 400 independent insurance agents and 131 empty nesters.
They found that although a similar number of empty nesters versus homeowners renovate their home, empty nesters pay more for those renovations. Empty nesters spend an average of $8,670 on home renovations, compared with $5,128 for the typical homeowner.
There are certain projects they’ll really go above and beyond on, paying more than double what typical homeowners do. Would you spend the same amount on these home improvement projects?
Window replacements
Average amount that homeowners in general spend on this type of project: $4,917
Average amount that empty nesters spend on this type of project: $15,375
Window replacement can cost a pretty penny, but it comes with benefits. Pella — considered one of the better window retailers — explains that new windows can reduce wear on a home’s air conditioning and help lower utility costs.
Kitchen remodels
Average amount that homeowners in general spend on this type of project: $9,702
Average amount that empty nesters spend on this type of project: $18,672
Taking care of kids can mean a lot of time in the kitchen, and a lot of use means an upgrade may be in order. Plus, targeting wear and tear is a goal that 51% of empty nesters in Nationwide’s survey pointed to.
Full home renovations
Average amount that homeowners in general spend on this type of project: $36,900
Average amount that empty nesters spend on this type of project: $90,000
An empty nest means more time to relax and enjoy the home. Making the home more enjoyable is a motivation for renovation that 50% of surveyed empty nesters acknowledged. Who doesn’t want to enjoy their newfound freedom?
Add a Comment