"Seventy percent of projects are financed through personal savings, underscoring a disciplined approach to home improvement spending. Functionality is the primary driver behind renovation activity."
"The lock-in effect is driving homeowners to renovate their homes to meet their changing needs. A shortage of housing supply complicates the ability to build new homes."
"More than one in five respondents reported living in multigenerational households, reflecting a significant increase over the past 50 years."
"Seventeen percent of homeowners are considering or actively planning to build an accessory dwelling unit, with many intending to use the space for family care."
Seventy percent of home renovation projects are financed through personal savings, indicating a disciplined spending approach. Functionality is the main reason for renovations, with 68% of homeowners aiming to enhance livability. The lock-in effect and housing supply shortage compel homeowners to renovate instead of moving. Multigenerational living is on the rise, with one in five respondents living in such households. Interest in accessory dwelling units (ADUs) is growing, with 17% of homeowners considering them for family care or rental income.
#home-renovation #personal-savings #multigenerational-households #accessory-dwelling-units #housing-supply
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