Harvard University’s Housing Study’s “American Housing Survey” found New York’s $12 billion remodeling market was 45 percent greater than the next largest markets in Los Angeles ($8.6 billion) and Chicago ($8.2 billion).
Find out why people living in major metro areas prefer remodeling instead of buying from your leading provider of kitchen remodeling services, Empire State Builders & Contractors.
Why More People Are Remodeling
The amount homeowners spend on home improvement varies. The variation is linked with the differences in house price appreciation. Homeowners spend more on remodeling in markets with higher price appreciation.
For instance, the home prices in Boston, San Francisco and San Jose increased around 30 percent between 2007 and 2017 compared to five percent nationally. In these areas, most homeowners spend 50 to 70 percent more than the U.S. average for home remodeling in 2017.
Across the U.S., the aging of the housing stock and the population are the major contributors to increasing demand on replacement of old home components. From 40 percent, the market has increased to nearly 50 percent. Moreover, the share for this market varies in major metros but a lot of projects revolve around energy-saving features and components made for weather extremes.
Benefits of Remodeling
Older homeowners with enough savings would benefit a lot from remodeling since they won’t have to worry about rising interest rates. Remodeling will both improve your quality of life at home and increase your property’s value.
Replacing old features of your home will make your living spaces safer and healthier. Put maintenance and repair first before investing in cosmetic updates. When you choose to stay in your home, you save yourself from the cost of moving. Consider if the additional cost to relocate is worth it with the profit you’re expecting from selling your house.
Choose Empire State Builders & Contractors for your home improvement project. You can count on us for high-quality window replacement, home additions and bathroom remodeling services. Call us at (844) 682-2990 or fill in our online form for a free estimate. We cater to homeowners in New Rochelle, NY, and areas around New York.