As the housing market continues to evolve and mortgage rates remain elevated, many U.S. homeowners are choosing to invest in their current properties rather than enter the uncertain market for a new home. New data from Nationwide shows that many are opting instead to invest in home renovations, repairs, and other upgrades to meet their needs. According to Nationwide’s most recent Homeowners Survey, 51% of homeowners say they have completed a major home renovation project within the past two years.
While share of empty nesters undertaking home renovations is similar to that of general U.S. homeowners, empty nesters are spending significantly more on these projects. The survey revealed that they spent an average of $8,670 on home renovations compared to $5,128 for the typical homeowner, as reported by PR Newswire.
