The No. 1 Reason Homeowners Are Dropping a Bundle on Renovations Right Now
Homeowners are spending more on remodeling their properties, thanks to the challenging housing market.
With low inventory compared with pre-pandemic times, rising home prices, and high mortgage rates, homeowners spent 60% more on renovations from 2020 to 2023, according to a recent report from Houzz, a home remodeling and design platform.
And in the past year alone, they spent a median of $24,000 sprucing up their homes.
“Homeowners are reluctant to move and take on a new mortgage at a higher rate, so they invest in renovations for their current homes,” says Houzz staff economist Marine Sargsyan. “Shortages in housing…Continue Reading