We probably don't have to tell you that home improvement spending is on the rise. In fact, you're likely already seeing the results of it in your own community!
The best way to accommodate all this growth is to know what you're up against. And, according to Kermit Baker, senior research fellow at the Joint Center for Housing Studies of Harvard University, there are three particular areas of growth in home improvement spending that are worthy of note.
Improving Rental Housing Stock
Over the past five to six years, we've seen a 15% growth in spending on improvements for rental units. This is attributed largely to a growth in the number of renters versus homeowners, which is driving the growing interest in improving old rental units.
Accessibility Retrofits For Older Houses
Older generations still make up a substantial portion of the population, and we're seeing that growth in their homes. In fact, 80% of growth over the coming two decades is estimated to be in the households of those aged 65 and older. For some, these upgrades will be generic updates for home modernization while other homeowners may require more specific upgrades to help them age in place gracefully.
Interest in the "connected home" or "smart home" has really built over the past few years. And don't expect that to change anytime soon: technology is rapidly changing and homeowners are more technologically advanced overall. Home automation technology as a whole is only getting more sophisticated, so be prepared to tackle smart home projects more and more.