Millennial Homeowners Remodel More Than Gen X and Gens—And 32 Other Home Improvement Stats | lifestyle
Due to the pandemic, more Americans have been staying in their homes, which has led to changes in housing and lifestyle decisions, leading to massive spending on rebuilding and repairs in 2020 and 2021. Interest rates for homebuyers were also at all-time lows, causing In demand for homes and housing materials is on the rise in the remodeling market.
The home improvement industry was valued at $763 billion in 2020.
Between 2020 and 2027, the global home improvement market will have a CAGR of more than 4%, resulting in a market value of $3 trillion by 2027.
Homeowners spent $337 billion on new home improvements and repairs in 2020, $368 billion in 2021, and an estimated $427 billion in 2022.
60% of homeowners will not use a contractor for their home remodeling projects in 2022.
In 2021, sales of paint and wallpaper stores in the United States will be approximately $15 billion.
– Sales of building materials, garden equipment and supplies merchants increased by $60 billion in 2021 compared to the previous year.