Aging Americans, Aging Housing Stock Driving Remodel Boom

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Posted To: MND NewsWire

Nearly 80 percent of America’s housing stock is at least 20 years old and twice that share of homes were built 50 or more years ago. With new construction still well behind its pre-recession levels Americans have been remodeling these older homes in huge numbers. The Joint Center on Housing Studies says there was $425 billion spent nationally on maintenance and improvement, a 10 percent increase from 2015 and more than a 50 percent gain from the 2010 low. In fact, that spending, by both owner occupants and landlords, has been the dominant share of residential investment in the years since the recession and generated 2.2 percent of total economic activity in 2017. Spending for improvements on rental properties are a larger share of spending than the historic average of 25 percent. A surge in…(read more)

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