According to a recent MReport article, Americans are expected to spend more money on home improvement projects, such as landscaping, kitchen renovations, and basement remodels. A study conducted by the Joint Center for Housing Studies of Harvard University predicts that spending on home improvements in large metro areas will grow this year. The Remodeling Futures Program, a branch of the JCHS, is dedicated to researching factors influencing housing renovation and repair activity in the U.S. The program uses their data to gain an understanding of the home improvement industry and predict future trends. Their recent studies and data reveal that spending will increase on average between 1% and 13% in 2021.
WHAT ELSE DID THE STUDY REVEAL?
Only four of the metro areas studied are expected to see a decline in spending. Associate Project Director in the Remodeling Futures Program, Abbe Will, commented that “Broad strength in house price appreciation, existing home sales, and residential construction suggest that many metros will see greater renovation activity this year. The largest remodeling spending gains are projected to occur in relatively more affordable metros in the Sunbelt, with over 9% growth expected in Oklahoma City, Tucson, Charlotte, Phoenix, and San Antonio.” Home improvement spending is projected to dip in some high-cost cities, such as New York, Denver, Boston, and San Jose. Other high-cost metros, such as Miami, San Francisco, and Seattle are expecting spending growth between 1% and 3%.
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