As affordability continues to deter consumers from entering the housing market, more and more Americans are putting on their hard hats, rolling up their sleeves and remodeling their homes.
And although the majority of homeowners prefer the trusty hands of a professional, data suggests that “do it yourself” remodeling projects are on the rise.
In fact, the National Association of Realtors 2019 Remodeling Impact Report indicates that 53% of home projects were completed by a professional, whereas 47% were completed by a homeowner.
Interestingly, the report also reveals generational preferences in how homeowners decide to spruce up their homes.
According to NAR’s data 73% of home renovation projects conducted by Gen Y and Millennials were DYI, significantly smaller than the 27% completed by a professional.
However, when it came to Young Baby Boomers, Older Baby Boomers and the Silent Generation, at least 50% of their projects were conducted by a professional. The Silent Generation’s percentage reached 70%, with only 30% choosing to complete the projects themselves.
And homeowners are willing to shell out the cash to do the projects themselves. NerdWallet’s latest Home Improvement Report discovered that from 2015 through 2017, Americans spent $449.5 billion dollars on home improvement projects.
Last year, Land Gorilla, a construction loan management company, revealed that nearly 65% of American homes were more than 25 years old, and in desperate need of renovation.
As housing stock continues to grow in age, and housing market affordability continues to push prospective buyers out, renovation projects are expected to increase.
How homeowners decide to remodel their homes will depend on many factors, but if NAR’s data is indicative of what’s to come, there’s a good chance they’ll ask a pro.
NOTE: The National Association of Realtors utilized survey data from homeownership site HouseLogic.com. The site's survey results were gathered from April through August 21, 2016, detailing the remodeling perspectives of 2,287 respondents.
