More than half of baby boomers have no plans to move, although the majority of them have lived in their current homes for more than a decade

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Millennials, who were born between 1981 and 1996, earn 20% less than baby boomers did at their age

Here’s a reworded version that maintains the original meaning and much of the original language while improving clarity and structure:Last year, existing home sales dropped to their lowest point in nearly 30 years. Few people were buying, and even fewer were selling. Beyond the lack of financial incentive to sell, many baby boomers are choosing to age in place simply because they can. As a result, they're renovating and upgrading their current homes—not just for safety, but also to enjoy more comfort and luxury, as previously explained by Finnigan.For many boomers, the idea of remodeling their longtime family home—despite it being larger than necessary for their empty-nester lifestyle—is far more appealing than moving. On top of that, they face a housing shortage when it comes to retirement communities. A 2024 report from home improvement company Leaf Home and Morning Consult found that more than half of baby boomers have no plans to move, even though the majority have lived in their homes for over a decade.Some boomers have invested tens of thousands—and in some cases, hundreds of thousands—of dollars into home renovations aimed at making their spaces more modern, safe, and age-friendly. One example is Brenda Edwards, a Californian in her seventies, and her husband, who spent over $100,000 to modify their home in preparation for potential wheelchair use.“We felt comfortable,” Edwards told the Associated Press, explaining their decision to stay. “We have a pool. We have a spa. We just put a lot of love and effort into this yard. We want to stay.”She added, “It would be too hard to purchase anything else,” noting their current home is nearly paid off.Marine Sargsyan, chief economist at home renovation and design platform Houzz, told Fortune that many boomer homeowners are “opting to upgrade their current homes for the long haul,” rather than face the cost of high mortgage rates. In fact, boomers now lead all generations in renovation activity, according to Houzz’s 2024 Houzz &amp; Home Study released in March.“We’re seeing a growing trend toward universal design elements in kitchens and bathrooms specifically, as homeowners ready their homes to age in place,” Sargsyan said.“Changes include wheelchair-accessible pathways, additional lighting, pull-out cabinets, rounded countertops, non-slip flooring, and grab bars.”Leaf Home also reports increasing demand for features like walk-in showers and tubs, as well as stairlifts—adaptations that make homes more accessible for aging residents.“We expect to see an increase in boomers’ desire to make improvements for their homes to remain comfortable and safe,” said Nina George, Leaf Home’s chief growth officer, in an interview with Fortune.Still, not all boomers are staying put. Some are selling—and millennials are stepping up to buy. According to the National Association of Realtors (NAR), millennials have now overtaken boomers as the largest generation of homebuyers.“The generational tug-of-war between millennials and baby boomers continued this year, with millennials rebounding to capture the largest share of homebuyers,” said Jessica Lautz, NAR’s deputy chief economist and vice president of research, in a recent generational trends report.