It’s no secret that home improvement projects have surged in popularity in recent years.
Every day, it seems like there’s a new article touting the latest and greatest way to improve your home. But why has this trend taken off? What is driving homeowners to invest in their homes like never before? In this article, we’ll explore some of the reasons behind the home improvement boom and discuss how you can get involved! We will also provide some helpful tips to get you started on your own home improvement journey! So if you are ready to take your home to the next level, read on!
Market Size Of Home Improvement Industry
The home improvement industry is huge! In 2018, it was estimated to be worth a whopping $357 billion. And it’s only expected to grow in the years to come. This growth is being driven by a number of factors, including an increase in the number of homeowners, an aging population, and a desire for more comfortable and stylish homes. According to the current market size of the home improvement industry, it is expected to reach $484 billion by 2025! Also, the average amount that homeowners are spending on home improvement projects has increased. In 2017, the average spend was $6000, which is up from $5250 in 2010. This trend is likely to continue as more and more homeowners look to improve their homes.
There are a number of reasons why the home improvement industry has seen such tremendous growth in recent years. We will try to cover some of the more popular reasons below.
1) An Increase In The Number Of Homeowners
One of the primary drivers of the home improvement boom is the increase in the number of homeowners. In 2017, there were an estimated 63 million homeowners in the United States. This is up from 61 million in 2016 and 60 million in 2015. The rise in the number of homeowners has been driven by a variety of factors, including a strong economy, low interest rates, and an increase in immigration. As more and more people become homeowners, they are looking for ways to improve their homes. This has led to a surge in the demand for home improvement products and services.
2) An Aging Population
Another factor that is driving the home improvement boom is the aging population. As people age, they often have more disposable income and more time to invest in their homes. They also tend to want to stay in their homes longer and make them more comfortable. This has led to an increase in the number of older homeowners undertaking home improvement projects. In fact, according to a recent survey, 42% of all home improvement spending is being done by people aged 55 and over!
3) A Desire For More Comfortable And Stylish Homes
Another reason behind the home improvement boom is a desire for more comfortable and stylish homes. Homeowners are increasingly looking for ways to make their homes more comfortable and stylish. They are adding features like hardwood floors, granite countertops, and stainless steel appliances. They are also investing in home automation systems and energy-efficient windows and doors. This trend is being driven by a number of factors, including an increase in the amount of time people are spending at home and a desire for homes that reflect their personal style.
4) A Strong Economy
The strong economy is also playing a role in the home improvement boom. As the economy continues to improve, more and more people are finding themselves with extra money to spend on their homes. They are using this money to make improvements that will increase the value of their homes. This is good news for the home improvement industry, as it is expected to continue to grow in the years to come.
5) Low Interest Rates
Low interest rates are also making home improvement more affordable for many homeowners. This is because they can finance their projects at a lower cost. This has led to an increase in the number of people undertaking home improvement projects. In fact, according to the National Association of Home Builders, the number of people taking out home improvement loans has surged in recent years. For example, in 2017, there was a 26% increase in the number of people taking out loans for home improvement projects.
6) An Increase In Immigration
Finally, an increase in immigration is contributing to the housing improvement boom. People are looking for ways to upgrade their homes as more and more immigrants arrive in the country. The demand for home improvement goods and services has increased as a result.
What Are The Most Common Home Improvement Projects?
Now that we have covered some of the reasons behind the housing improvement boom, let’s take a look at some of the most popular home improvement projects.
According to a recent survey, the most common home improvement projects are:
– Replacing windows and doors
– Adding or updating kitchens
– Adding or updating bathrooms
– Installing new flooring
These are just some of the most popular home improvement projects. Homeowners are undertaking a wide range of other projects as well, including landscaping, deck building, and basement finishing. No matter what type of project you’re interested in, there’s a good chance that you’ll be able to find a company that can help you get it done. If you’re thinking about undertaking a home improvement project, now is a great time to do it. With so many people looking to improve their homes, there are a lot of companies out there that are offering great deals on products and services.
The home improvement industry is booming and there are a number of reasons behind this trend. We have listed some of the more popular ones above. As the industry continues to grow, we can expect to see more homeowners undertaking projects to improve their homes. This will lead to even more growth in the home improvement industry. So, what are you waiting for? Now is the time to start planning your next home improvement project.