2019 Market Trends for the Home Improvement Industry
Americans are renovating their existing homes more than ever according to both the Los Angeles Times and a study from Harvard University. Home improvement enthusiasts spend over $350 billion annually in the U.S. on their related projects, a figure which has grown considerably in the last five years.
Several sources state that this growth will continue upward for the next 5 to 10 years. What is fueling the growth?
- The average home is almost forty years old, meaning the existing inventory is aging and requires upgrades and remodeling.
- People are staying in their homes longer, which means there are older homeowners with more equity in their properties, due to rising real estate prices and homeowner wealth. In turn, homeowners have been able to tap into this equity for home improvements.
- Homeowners are living longer and more are wanting to “age in place”, another growing area within the home improvement space.
Improving America’s Housing 2019
Joint Center for Housing Studies, Harvard University