Last year, homeownership in America reached its all time low, the lowest level in data going back to 1965 because young people leaving home tended to rent, rather than buy, dropping owner-occupancy. This was hard to swallow. Now, there’s good news. With a greater economic and consumer confidence on the upswing, more job opportunities with small businesses, as well as an increase in wages, first-time buyers are being drawn into the market after years of saving for down payments. Another good news is that there’s an increase with Americans spending more on home improvement.
This is great for Americans!
Since the economic crash in 2008, there’s been a steady growth in home repairs, gardening and home decorations as households with more disposable income began using more resources to upgrade their homes.
A super amazing tool that homebuyers, homeowners, and our industry have truly benefited from is Houzz, the leading platform for home design and remodeling.This is a social site that allows consumers to add homes and home decor items to personal boards and connect directly with a designer to help them put it all together. They recently released their Houzz Renovation Barometer, which tracks confidence in the home renovation market among us, the industry professionals. These results confirm a clear spike in demand for Architects, Interior Designers, general contractors, and specialty landscape professionals.
Would you rather make home renovations or purchase a new home? We would love to hear from you!