North America’s Largest Woodworking Event | Tuesday–Friday | August 6–9, 2024

#IWFmorefor24

Industry & Trends

Renovate Rather than Buy: American Homeowners

A new study offers encouraging news for the building trade when it comes to home repairs and remodeling.

The steep decline in new home starts is a well-known fact that is creating issues for the construction and building sector, but U.S. homeowners may be offering some good news for the trade: they are planning to do more home renovations instead of moving.

A new study from Discover Home Loans reports that more than half (55 percent) of American homeowners would rather renovate their current home, instead of moving to a new home (24 percent) or keeping their home “as is” (21 percent).

In fact, Discover found that 57 percent of survey respondents either have a home improvement project underway or are planning such a project within the next year. Among those who are planning home improvement projects, nearly nine of ten want to make cosmetic changes to reflect their personal style; about eight of ten want to use home improvements as an investment opportunity; and about three-quarters want to upgrade home features in need of repair.

Close to 85 percent of the survey respondents cited inflation as the big factor impacting their housing choices with more than half saying they have put their house hunting on hold pending a decline in rates. So the builder trade needs to be patient. “When the Fed does gain confidence that inflation is under control, rate decreases are likely to be modest and gradual,” said Rob Cook, vice president of marketing at Discover.  “In the meantime, the housing market may remain sluggish. Consumers should reset their expectations and budgets accordingly.”

BACK TO NEWS

More Industry & Trend News

  • Whatever Happened to the Interest Rate Cut?

    June 19, 2024

  • Baltimore Harbor’s Shipping Channel Has Reopened: Now What?

    June 19, 2024

  • Home Builders Institute Opens Training Academy in NC

    June 19, 2024

Register to Attend

Be part of North America’s largest woodworking show and conference.

Register Now

Apply to Exhibit

Grow your business at the premier global woodworking trade show.

Exhibit at IWF 2024

Show Hours & Location

International Woodworking Fair
Tuesday–Friday
August 6–9, 2024

Tuesday–Thursday
8:30 AM–5:00 PM*
Friday
8:30 AM–2:00 PM*

*Building A opens 7:30 AM Tue-Fri

Georgia World Congress Center
285 Andrew Young International Blvd
Atlanta, GA 30313

Get Industry News & IWF Updates

Subscribe to IWF Network News.

Subscribe Now

Terms & Privacy Policy

© 2020 International Woodworking Fair, LLC Terms of Use & Privacy Policy

3520 Piedmont Rd NE #350, Atlanta GA 30305 | (404) 693-8333

 

Have questions about IWF? Check out our new AI chatbot and get info fast!

To get started, set your chat preference. Then click on the chat bar that appears in the lower right corner. Are you an Attendee or an Exhibitor?

Attendee Exhibitor

No Thanks

IWF 2024 Add to Calendar

Sync IWF 2024 with your favorite calendar program.

Notification Message

loading … please wait

Have Questions?

First let’s set your chat preference. Then, just click on the chat bar that appears. Are you an Attendee or an Exhibitor?

Attendee Exhibitor