Report: Homeowners are Ready to Renovate

April 5th, 2016 by Editor

As many as 36 million homeowners could be planning to renovate their homes in the next 12 months, according to a new Bankrate.com report. Home exterior or yard renovations such as driveways, decks, patios, pools, landscaping or fencing are the most popular option, followed by new flooring and new windows, roofing or siding.

36 million homeowners are planning to renovate their homes in the next 12 months. Home exterior or yard renovations such as driveways, decks, patios, pools, landscaping or fencing are the most popular option, followed by new flooring and new windows, roofing or siding. (PRNewsFoto/Bankrate.com)

“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.”

The homeownership rate is lowest among millennials, but millennials who own homes are more likely to be planning renovations than other age brackets. In an interesting twist, 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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