Here’s the thing: More than 25 percent of homeowners nationwide are upside down on their mortgages. Nowadays, more and more homeowners are choosing to stay in their homes and invest in home improvements and make the most of their situation. It makes sense, considering not only the economy but the market. In fact, 60 percent of homeowners plan to make a home improvement or addition this summer. These statistics come from Zillow Digs Summer Home Improvement Trend and Spending Survey.
The Zillow Digs trend expert, Cynthia Nowak, says, “Zillow Digs is a leading resource for discovering up-and-coming design trends as actual consumers and professionals are sharing and discussing what they like.”
She goes on to say, “As we head into the long days of summer, we are seeing increased interest in outdoor spaces with very natural elements such as stone fireplaces, as well as bringing more light into bathrooms with clear glass on the walls and shower enclosures.”
These home improvement projects depend on the age of the homeowner, however. The type of projects being done varies by age, life-style, and life stage:
For example, the younger homeowners with children will more than likely be planning on adding an addition this summer. The percentage of people making improvements to their homes vary as much as the ages.
► 18-to-34-year-olds: 71 percent
► 35-to-54-year-olds: 61 percent
► 55 and older: 51 percent
► Homes with children: 65 percent
► Homes without children: 57 percent
But how much are they willing to spend? That depends, too. Homeowners plan to spend a median of $1,200 on summer home improvement projects. Homeowners with children as well as homeowners 54 years of age and younger plan to spend one-third more ($1,500) compared to homes without children and those 55 and older ($1,000).