This brief analysis goes deeper into Gen X’s home renovation preferences and funding choices look the way they do based on their Homeowners Renovations Survey and Generational Renovation data:
Gen X Home Renovation Priorities
Improved Living: 56%
Gen X leads all generations in prioritizing renovations for improved living conditions. This strong focus suggests that Gen Xers, many of whom are in their peak earning years, are investing in making their homes more comfortable and functional for their current lifestyles. This could be driven by the desire to enhance their quality of life, accommodate changing family dynamics, or simply enjoy the fruits of their labor.
Higher Sell Price: 49%
A significant percentage of Gen X homeowners prioritize increasing their home’s resale value. This reflects a pragmatic approach, where they see renovations as not only improving their living environment but also as a strategic financial investment. Given that many Gen Xers might be considering downsizing or moving to different locations as they approach retirement, enhancing the sell price is a logical priority.
Bigger Family: 11%
The relatively low focus on preparing for a bigger family suggests that most Gen X homeowners are likely past the stage of expanding their families. Instead, they might be focusing on renovations that support their current family structure, such as creating guest rooms, home offices, or spaces for older children.
Living in Longer: 12%
The low emphasis on living in their homes longer could indicate that Gen Xers are less concerned with aging in place compared to other priorities. This might be because they already see their homes as suitable for the long term or are planning to move in the future.
Room Addition: 24%
The interest in room additions, higher than that of Millennials and Gen Z, suggests that Gen Xers are looking to expand their living space, possibly to create more specialized rooms such as home offices, gyms, or entertainment areas. This could be driven by a desire to maximize the functionality of their current homes.
Landscaping Exterior: 17%
Gen X’s moderate interest in exterior landscaping aligns with their focus on improving both the functionality and aesthetics of their homes. Landscaping could be seen as a way to increase curb appeal and enjoyment of outdoor spaces, especially if they plan to sell.
Overall: Gen Xers prioritize renovations that enhance their current living conditions while also considering the financial return on investment. Their focus on room additions and resale value reflects their position in life, balancing immediate family needs with future financial goals.
Types of Renovations Preferred by Gen X
Kitchen: 36%
Gen X places a high priority on kitchen renovations, the highest among all generations. This could be because the kitchen is often considered the heart of the home, and updating it can significantly improve both daily living and home value. Many Gen Xers might also be updating older kitchens to reflect current trends and technologies.
Bathroom: 33%
Bathrooms are another key focus for Gen X homeowners, who likely see value in modernizing these spaces to enhance comfort and convenience. Bathroom renovations can also add significant value to a home, aligning with Gen X’s interest in increasing resale price.
Bedroom: 21%
The moderate focus on bedroom renovations indicates that Gen X homeowners see these spaces as important but perhaps not as high a priority as kitchens and bathrooms. They might be making updates to create more comfortable and personalized spaces, especially as their children grow older or leave home.
Outdoor: 12%
Gen X’s interest in outdoor renovations is slightly above average, suggesting that they value outdoor living spaces but may prioritize other areas of the home. This could reflect a balanced approach to both interior and exterior improvements.
Attic, Basement: 14%
The focus on attics and basements indicates that Gen Xers are looking to maximize all available space in their homes. These areas might be renovated into additional living spaces, storage, or specialized rooms like home offices or gyms.
Overall: Gen X homeowners prioritize key areas of the home—kitchens and bathrooms—where renovations can significantly improve both living conditions and home value. Their interest in attics and basements suggests a desire to fully utilize their home’s potential.
Gen X Renovation Budgets
Kitchen: $28,400
Gen X leads in spending on kitchen renovations, reflecting their commitment to updating this central part of the home. This investment likely correlates with their desire for improved living conditions and increasing home value, as modern, well-equipped kitchens are highly desirable.
Bathroom: $15,800
High spending on bathroom renovations aligns with Gen X’s priority on comfort and convenience. They may be installing luxury features, such as spa-like amenities, that enhance daily life and appeal to future buyers.
Bedroom: $2,100
The moderate spending on bedrooms suggests that while these spaces are important, Gen Xers might focus on cosmetic updates rather than extensive renovations. They might be refreshing these rooms with new flooring, paint, or furniture rather than structural changes.
Outdoor: $2,200
The investment in outdoor renovations is higher than that of Millennials and Gen Z, indicating that Gen X homeowners see value in enhancing their exterior spaces, perhaps for entertaining or increasing curb appeal.
Energy Efficiency: $3,900
Gen X’s spending on energy efficiency is lower than that of Millennials and Gen Z, possibly because their homes are older and may require more costly updates to achieve significant energy savings. Alternatively, they might focus more on aesthetic and functional upgrades.
Home Updated: $6,400
The investment in general home updates suggests that Gen Xers are committed to keeping their homes well-maintained and up to date, ensuring that they remain in good condition for future sale or continued living.
Overall: Gen X homeowners are willing to invest heavily in key areas of their homes, particularly kitchens and bathrooms, where they see the greatest return on investment. Their spending reflects their financial stability and focus on both immediate enjoyment and future resale value.
How Gen X Funds Home Renovations
Savings: 45%
Gen X’s strong reliance on savings for funding renovations reflects their financial maturity and stability. This generation likely has more substantial savings accumulated over time, allowing them to fund renovations without taking on debt. It also indicates a preference for maintaining financial security by avoiding loans when possible.
Home Equity: 36%
The high use of home equity suggests that Gen X homeowners are comfortable leveraging their property’s value to finance major renovations. This could be due to their longer homeownership period, which has allowed them to build up significant equity.
Renovation Loan: 9%
The low reliance on renovation loans indicates that Gen X prefers to avoid taking on new debt, likely due to their ability to fund projects through savings or home equity. This could also reflect their confidence in managing their finances and a desire to preserve cash flow.
Cash Flow: 10%
The minimal use of cash flow for renovations suggests that Gen Xers prefer to use more stable and secure funding sources, like savings and home equity, rather than relying on regular income.
Credit Card(s): 10%
The low use of credit cards for renovations aligns with Gen X’s preference for using savings and home equity, avoiding high-interest debt and maintaining financial stability.
Overall: Gen X homeowners prefer to fund renovations through savings and home equity, reflecting their financial stability and a cautious approach to debt. This generation values maintaining control over their finances while still investing in substantial home improvements.
End Note:
Gen X homeowners approach renovations with a strong focus on improving their living conditions and enhancing home value. They prioritize kitchens and bathrooms, areas that offer significant returns on investment, and are willing to invest heavily in these spaces.
Their funding strategies highlight a preference for financial security, using savings and home equity over loans or credit.
Overall, Gen Xers are strategic in their renovation decisions, balancing immediate benefits with long-term financial goals.
Related Research
Generational Home Renovations Survey
