Due to COVID-19, Americans are spending more time at home than ever before, leading to a record amount of spending on home improvement.
It makes sense if you think about it. Many Americans now find their homes are doing triple duty as a place to live, work, and learn. Add that to the fact that homeowners, if still working, may have a surplus of cash they would typically spend other ways. It’s the perfect storm for home improvements. What is surprising is the amount being spent on home improvement projects.
The 2019 State of the Home Spending Report shows that average spending on home improvement was $7,560, and in 2020 the average homeowner has spent around $17,140 during the pandemic to make their homes more enjoyable.
Besides home offices, many Americans are taking to outfitting their backyards to make the most of their living space. Pools are one of the top requests for contractors, as it gives people a backyard addition that allows them to keep fit. Searches on Houzz.com are three times what they were a year ago, as more and more Americans look to their backyards to help them weather the pandemic.
The increased need for building supplies has driven up the price—making items such as lumber harder to come by. Despite the scarcity of supplies, rock bottom interest rates and spending more time at home have made home improvement projects large and small attractive to homeowners.
If you have upgraded your home recently or have any questions about financing a home improvement project, please give us a call. We’re always happy to help.