Americans spent a record $567 billion on home renovations last year as owners shunned relocations amid rising mortgage rates and home prices, according to a study from Harvard’s Joint Center for Housing Studies.
Homes in the US are older today than ever and need critical repairs and maintenance, according to the study. They also need more investment in energy efficiency, disaster prevention and accessibility to prepare for climate change and accommodate an aging population. Also driving renovations is the rise of remote work.
Key Takeaways
- Americans spent a record $567 billion improving their homes in 2022.
- At least 3 million
