A recent SmartAsset study revealed a surge in six-figure home renovation loans across several U.S. cities, with homeowners leveraging significant equity to enhance property value. According to GoBankingRates, in markets like San Jose and San Francisco, homeowners are browning up to $205,000 for upgrades. Other metro areas such as New York City, Los Angeles and Washington D.C. are reporting loan amounts from $105,000 to $125,000. Read More
Read MoreTag: Home Renovation Market
Trends in Design and Renovation: A Comparative Study Among Homeowners and Architects
A national survey conducted by brick company, Glen-Gery, involving 1,500 homeowners and 500 architects highlights the most popular design trends of the year — earth tones, warm minimalism, quiet luxury and traditional design with a modern twist. As reported by Glen-Gery, both architects and homeowners showed a strong preference for sustainable design, underscoring the importance of environmentally friendly practices in new construction and renovation. Read More
Read MoreU.S. home renovations set for a rebound
As reported by the Wall Street Journal, Americans have more than $35 trillion in home equity — that’s an average of about $400,000 per U.S. homeowner, John Burns Research & Consulting estimates. “We think there’s $30 billion in remodeling spending just sitting on the sidelines today, waiting to be spent,” Matthew Saunders, senior vice president of building products research at John Burns told the Wall Street Journal. In the John Burns poll, respondents broke out into two groups: 30+-year-olds planning work in the $60,000 range, and older homeowners planning on…
Read MoreU.S. Cities Investing the Most in Home Improvements
Home improvement spending, which surged during the COVID-19 pandemic, has recently slowed after peaking in 2022. As reported by Construction Coverage, the Harvard Joint Center for Housing Studies forecasts that the dip is temporary, and is expected to pick up mid-2025. Home improvement spending varies across regions, with Utah and Idaho topping the list of states where homeowners took out the most loans in 2023. Read More
Read MoreHome renovation trends to watch
With the home renovations market growing, many homeowners find that their budgets run over $5,000 after the dust has settled. Despite this, homeowners are still shelling out for popular updates, such as spa-like touches in the bathroom, bold accent walls, and energy-efficient upgrades like HVAC systems. Read more
Read More