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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.
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