60% of Homeowners Plan Summer Improvements
SEATTLE -- More homeowners are choosing to stay in their houses and spend on home improvements as a result of tight inventory and the fact that more than 25% of homeowners nationwide are underwater on their mortgages, says Zillow Digs, a reserch firm.
To make the most of their current surroundings, 60% plan to make a home improvement or addition this summer, the firm found based on its Summer Home Improvement Trends and Spending survey.
"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," said Cynthia Nowak, trend expert at Zillow Digs, in a prepared statement.
Younger homeowners and houses with children are much more likely to be planning a home improvement or addition this summer, the survey found.
Homeowners’ projected median spending is $1,200 on improvements. Sub-groups of homes with children as well as homeowners 54 years old and younger plan to spend one-third more ($1,500) compared to residences without children and those 55 and older ($1,000).
Among the most popular summer home improvement projects are outdoor spaces (40%) and bathrooms (17%). Younger respondents and houses with children are significantly more likely to be planning three or more improvements this summer.
The survey also looked at the top sources of ideas and inspiration for home improvement and found online sites are the most popular, 37% overall, with more than 53% of younger homeowners and 50% of homes with children finding inspiration online.
Published by The Business Journal, Youngstown, Ohio.
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