For homeowners, embarking on a home improvement project of some kind has become increasingly common, with a 60% increase in money spent during 2016 over the 12 months prior!
And that trend is not expected to end in 2017 with 63% of those surveyed planning on spending even more this year!
This is according to HomeAdvisor that developed a ‘True Cost Report’ for home improvement. These are some of the key takeaways with a link to the full report provided below…
KEY SURVEY FINDINGS
1. Current Home Improvement Spending Trends:
Homeowners are spending more on home improvement. Homeowners tackled
more home improvement projects from February 2016 through February 2017 than
they did from February 2015 through February 2016. What’s more, they spent an
average of roughly $1,850 more on home improvement projects.
Baby boomers and millennials are leading the charge. Baby boomers are doing
more home projects — and spending more money — than any other group of
homeowners, followed closely by millennials.
Millennials tend to DIY. Home project spending is up among millennials, but less than
half report always hiring a professional to help complete home improvement projects
— in part because they’d have to save for or finance a home improvement project, and
in part because they’re uncertain they’re being charged a fair price.
Age of home and length of residence matter. Homeowners who’ve lived in their homes
for less than six years spent the most on home improvement projects last year, followed by
those who’ve lived in their homes longer than 11 years. Homeowners who’ve lived in their
homes for six to 10 years, on the other hand, spent the least on home improvement projects.
Home improvement is gaining the most traction in the West and Northeast
Homeowners in the West and Northeast are spending the most on home improvement.
And, because they’re accruing some of the highest equity, they’re also taking out the
most home equity loans to complete projects.
2. Future Home Improvement Spending Outlook:
People are planning for more. Nearly two-thirds of homeowners report plans to spend
as much or more on home improvement projects in 2017 compared to what they spent
Home improvement spending rises amid political anxiety. The presidential
administration and political affiliation are not negatively impacting homeowners’
willingness to take on home projects. While just 35 percent of homeowners are confident
that their personal economic situation will improve as a result of policies enacted by the
Trump administration, more than 80 percent of homeowners maintain they are planning
to complete as many or more home projects in the next 12 months.
For the full report at HomeAdvisor’s please click this link.
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