![]() ![]() These homeowners are staying in their homes and spending considerable resources on remodeling, renovations, and redecorating. Of those who have lived there for longer than six years, 61% will choose to renovate instead of move. It’s no wonder that nearly half of American homeowners are living in the first home they purchased. Rental housing is also increasingly scarce. The deficit doesn’t just affect owner-occupied properties. With a nationwide shortage of housing and record-high home prices, more homeowners prefer to stay in their properties versus move or upgrade to new ones. The business of homeownership represents a significant portion of the U.S. home improvement industry is stronger than it has been in over ten years and encompasses the sale of building materials, appliances, décor, and other home enhancements, and the services offered by contractors, tradespeople, and other workers who help to build, install, modify, and upgrade homes. ![]()
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