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Home renovators are 36 million strong this year

2/20/2018

A new report from Bankrate.com suggests home renovations are on the up and up, with 36 million homeowners planning upgrades to their homes in the next 12 months.




Of these, exterior renovations are the most popular type, which include home exterior or yard renovations such as driveways, decks, patios, pools, landscaping or fencing.


In second place is new flooring and new windows, roofing or siding.


"With more homeowners deciding to make upgrades to their homes this year, it's a sure sign that they're generally feeling more secure about the economy and in the housing market as well," said Mike Cetera, Bankrate.com's personal loans and credit analyst. "It's refreshing to see, especially since it wasn't too long ago that the housing market crashed."


Additionally, though the homeownership rate is lowest among millennials, younger homeowners are more likely to be planning renovations than other age brackets.


Also, homeowners with lower income and less education are just as likely to be planning renovations as those with higher income and more education.


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