There may be doom and gloom on the news (isn’t there always?), but it turns out that bathroom and other remodeling jobs around the house are not only going strong but growing!
According to the HomeAdvisor’s 2017 True Cost Survey, home improvement spending has increased over the last twelve months, and is projected to increase even more over the next twelve.
…the average homeowner has spent nearly 60 percent more on home projects over the past 12 months than in the 12 months prior…
What’s more, there’s more to come. Coming off this huge increase in 2016, just 37 percent of homeowners report plans to spend less on home improvement in 2017, while nearly two-thirds say they plan to spend the same amount or more.
First, let’s look at the who. As in, who’s spending?
If you break down the data by generation, Baby Boomers are in the lead. They complete more projects and spend more cash doing so. Millennials are right on their heels, and are already outspending the Gen-Xers.
We can expect the millennial generation to exert greater influence in the home improvement market over the next five years or so — and to have a massive impact on overall home improvement spending over the next 10 years.
Now, what is everyone spending on?
As usual, bathrooms are at the top of the list. Not only are bathrooms the number one choice on average, if you break down home improvements geographically you’ll find bathroom remodels in the top two positions across the board.
And for the future?
“With the advent of millennials buying homes, including some fixer-uppers, and baby boomers well-established in their homes, there are more people in a homeownership position than there were in the last two years. These trends, along with rising home values and increased homeowner equity, are fueling home improvement spending,” said Hunter. “I’m expecting to see continuing strong growth in large and discretionary improvement projects, including an increasing number of bathroom, kitchen and garage remodels.”
It’s a trend we’re happy to see!
For more information, check out the entire HomeAdvisor’s 2017 True Cost Survey. And let us know what you think in the comments!