Home Renovations Skyrocket

According to a report in the Wall Street Journal low inventories of homes for sale in combination with continuing high home prices is pushing Americans to spend a record amount in home remodeling. In fact, Harvard University’s Joint Center for Housing Studies estimates that homeowners will spend $316 billion on home remodeling in 2017, up considerably from the $296 billion spend in 2016.

The report points out that most homeowners are using home equity or savings to pay for these renovations, a sign that they remain confident about investing in their homes.

However, analysts point out that when adjusted for inflation the amount spent in 2017 is signficantly lower than the $344 billion spent in 2006.

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