According to recent data from the Joint Center on Housing Studies (reported by Mortgage News Daily), $425 billion was spent nationally in 2017 on home maintenance & improvement – representing a 10% increase from 2015 and more than 50% from the 2010. In addition they report that nearly 80% of America’s housing stock is at least 20 years old with twice that share of homes having been built 50 or more years ago. They say that since new construction is still well behind its pre-recession levels older home have been remodeled in greater numbers.
“The foreclosure crisis left many homes vacant for extended periods and there was also widespread conversion of owner-occupied housing to rentals. As homeownership demand started to recover, the number of vacant or rental homes moving back into owner occupancy has grown, increasing from 5.0 million in 2010 and 2011 to more than 6.6 million in 2016 and 2017…”