4/30/2023 0 Comments Home improvement store![]() ![]() Home improvement and renovations in the U.S. Most homeowners spent between $5,000 and $10,000 improving their homes in 2018, with those in more densely populated and metropolitan areas spending closer to $18,000. The bulk of projects Americans are undertaking are small scale (under $5,000), but big projects such as renovating kitchens and baths are growing in popularity. Homeowner equity assures homeowners that they can indeed afford the projects they could not afford during the great recession. According to the Joint Center for Housing Studies, there is a proven connection between changes in median home values and home improvement spending. As home prices continue to rise, more homeowners are choosing to invest in home improvements and renovations. are experiencing favorable economic conditions that tend to coincide with remodeling activity, such as strong growth in both employment and home value. Tool and equipment rental stretches the budget and increases accessibility to homeowners who would never be able to afford a project otherwise. They stock vast selections of materials that would have been found mainly in contractor supply houses even a decade ago. Both Lowes and Home Depot offer workshops and classes. Homeowners are increasingly choosing the do-it-yourself or DIY option, and big-box stores such as Home Depot make it easier than ever. Home improvement can encompass a project as simple as repainting a room or as complex as gutting an interior. Home improvement spending still outpaces home maintenance spending. In this housing market, the business of the upkeep, maintenance, and improvement of existing properties flourishes. Whether it’s on discretionary or necessary projects, consumers spent 17% more in 2018 on their homes than in 2017.Īs the bulk of existing residential properties in the United States ages, new construction struggles to keep up with increasing demand. These homeowners are staying in their homes and spending considerable resources on remodeling, renovations, and redecorating. Of those who have lived there for longer than six years, 61% will choose to renovate instead of move. It’s no wonder that nearly half of American homeowners are living in the first home they purchased. Rental housing is also increasingly scarce. The deficit doesn’t just affect owner-occupied properties. With a nationwide shortage of housing and record-high home prices, more homeowners prefer to stay in their properties versus move or upgrade to new ones. ![]() The business of homeownership represents a significant portion of the U.S. home improvement industry is stronger than it has been in over ten years and encompasses the sale of building materials, appliances, décor, and other home enhancements, and the services offered by contractors, tradespeople, and other workers who help to build, install, modify, and upgrade homes. ![]()
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