While the remodeling market has been propelled by baby boomers in recent years, the members of Generation X, born between 1965 and 1974, are changing the needs of the marketplace, according to "Understanding Generational Differences in Home Remodeling Behavior," a report recently released by Harvard University's Joint Center for Housing Studies. Now in their 30s, the members of Generation X have higher incomes, a greater number of late-forming households, more families with two incomes and fewer children per household when compared with baby boomers when they were the same age.

Though the baby boomers currently make up more than 50 percent of total home improvement spending, the members of Generation X spend more on renovation and remodeling than the baby boomers did at the same age. With higher incomes and smaller families, Generation X will likely have more purchasing power in the remodeling market. They may focus less on adding space to their homes and more on improving the aesthetics or adding luxury amenities.

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