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Homeowners spend on renovations and repairs despite the uncertain economy and higher prices
- Despite economic uncertainty and elevated prices, U.S. Homeowners boosted their spending on home renovations and repairs by close to 4% compared to the same period last year.
- Elevated mortgage rates near 7% and soaring home prices have reduced home sales and made owners reluctant to sell, leading many to invest in their current homes instead.
- Nearly half of the U.S. Owner-occupied homes were built before 1980, increasing demand for repairs, while building material sales remain strong amid fewer large remodel projects.
- Spending on home maintenance reached $513 billion in Q1 2025 and is forecasted by Harvard's JCHS to rise to $526 billion by Q1 2026, though recession and inflation risks could temper growth.
- Verisk’s Greg Pyne reported no panic buying or labor rate hikes from tariffs or immigration policies, and Home Depot said it doesn’t expect price increases from tariffs despite some product shortages.
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Associated Press News+21 Reposted by 21 other sources
Homeowners spend on renovations and repairs despite the uncertain economy and higher prices
U.S. homeowners are boosting spending on home renovation projects, bucking a broader pullback by consumers amid diminished confidence in the economy.
·United States
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Homeowners spend on renovations and repairs despite the uncertain economy and higher prices – Usa news
By ALEX VEIGA, AP Business Writer LOS ANGELES — U.S. homeowners are spending more on home renovation projects, bucking a broader pullback by consumers amid diminished confidence in the economy. Sales at building materials and garden supply retailers rose 0.8% last month from March, the biggest gain since 2022, and were up 3.2% from April last year. At the same time, U.S. retail sales overall rose 0.1%, a sharp slowdown from March. The trend come…
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Total News Sources24
Leaning Left4Leaning Right2Center13Last UpdatedBias Distribution68% Center
Bias Distribution
- 68% of the sources are Center
68% Center
L 21%
C 68%
11%
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