Home renovations on the rise

Home renovations on the rise

Home renovations on the rise
Most people didn’t expect to be cooped up in their homes for months this year but after lock down orders were put in place. This has led to many Americans looking around and seeing that their abode could use some love. But according to a newly released survey of more than 87,000 respondents conducted by Houzz, a home remodeling and design website, the remodeling boom really kicked off last year.

The survey shows that different age groups invest in their properties at different rates. For instance, Baby Boomers accounted for more than half of renovating homeowners last year, compared to just 12 percent of millennials. Older Americans tend to spend the most on their projects as well with Boomers shelling out a median of $15,000 on renovations.

The polling was conducted January 2 to March 5, prior to the outbreak of the coronavirus. But experts suggest that the volume of home renovations and the amount being spent is likely to continue for months to come.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.625 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.