How much you spend on home improvements depends in part on when you were born. New data from the Housing 360 survey by ProSales' parent, Hanley Wood, finds older homeowners are willing to spend the most money on all types of projects, especially additions. The youngest homeowners, those under 25, spend the least on home improvement of all the age groups.
For this survey, major replacements involve the replacement of an entire system in a house, such as windows, and usually total over $2,000. Additions are new structures added to the existing home and usually include structural changes to the existing home. Alterations change the floor plans, but don't change the structural elements of the home.
One reason why older people may be willing to spend more is that they plan to stay in their homes longer. According to that same survey of 3,005 owners and renters, more than half of homeowners over the age of 50 surveyed said they plan to stay in their current home for retirement.