To celebrate National Home Improvement Month, which falls in May, Traemand is sharing facts, research and trends of the remodeling sector.
- On April 21, The Joint Center for Housing Studies of Harvard University published a press release regarding the Leading Indicator of Remodeling Activity (LIRA) in 2016 and 2017. According to the new and improved LIRA, remodeling spending will increase by 8.6 percent by the end of 2016 and to 9.7 percent by the first quarter of next year. You can find the whole release here in addition to the LIRA study.
- 56 percent of homeowners who renovated or planned to renovate their kitchens in 2015 were working on kitchens that had not been remodeled in 21 years or more.
- Renovating homeowners not only cook but entertain, socialize, and do work/homework there, with nearly two-thirds spending three or more hours per day in their kitchens.
- According to Houzz, 43 percent of homeowners renovated kitchens because they “could no longer stand the old kitchen.”
- A third of renovating home owners are spending $25,001-$50,000 on their kitchens.
If you’re considering beginning a home renovation in May, visit our other blog, Steps for a Stress-Free Kitchen Installation or Houzz’s article, Homeowner’s Workbook: How to Remodel Your Kitchen.