New Report Shows That Remodels Are Back To Previous Heights
REMODELING HAS BOUNCED BACK FASTER THAN THE BROADER HOUSING MARKET
In the aftermath of the crash of 2008, home improvement has fared better than the housing market. In 2013, the remodeling and home improvement industry was back near $300 billion and is on pace to post record spending in 2015.
As house prices recover and the economy strengthening, discretionary home improvements such as kitchen / bath remodels and room addition rose significantly. Accounting for this hastened recovery and potential for the future are things like energy-efficient improvements, and aging in place retrofits.
As more baby boomers retire, they are helping stimulate the home improvement market. They are keeping their home longer and spending more time at their primary residence. Consequently older homeowners are spending more on home improvements.
Millennials entering into home ownership are shifting the market. Millennials are installing renewables like Solar PV to hedge against future rises in energy costs. In addition, they are looking to purchase homes or make improvements that are energy efficient and help create a sustainable environment while lowering their bills.
Homeowners in the Sacramento Metro area spent an average of $800 on energy efficient / sustainable improvements to their home.