LendingHome Survey: Almost Half of U.S. Homeowners Plan to Upgrade or Remodel Their Homes in 2021
Revitalizing aging homes is key to solving persistent housing crunch, and Millennials are leading the way
SAN FRANCISCO—July 27, 2021—LendingHome, one of the nation’s largest lenders to real estate investors, today announced the results of a new survey that examined how many Americans plan to buy houses this year, how many will be renovating, and which DIY home-rehab shows Americans find most inspiring.
Among other things, the survey found that younger homeowners (ages 25-44) are undertaking the most renovations, revitalizing America’s aging housing stock and doing their part to ease the national housing shortage.
“Two-thirds of U.S. housing stock is more than 30-years old,” said LendingHome CEO Michael Bourque. “Our ability to refresh those homes and make them ready for another generation of families is critically important. At LendingHome, we stand alone in bringing technology and scale to real estate investors focused on this challenge. We are proud to partner with them as they revitalize aging homes across the U.S. and help bring the American dream to more people.”
Millennials particularly keen to renovate this year
According to the survey, almost half (46%) of American homeowners plan to upgrade or remodel their home this year. Of those, Millennial homeowners are taking on the most renovation projects: 63% of those 25 to 34-years old who were surveyed, and 58% of those 35 to 44-years old plan to upgrade or remodel their homes in 2021.
About 1 in 5 Americans (19%) are looking to buy a home this year. The styles of vintage homes favored by Americans include:
- Modernist
- Victorian
- Colonial
- Bungalow
When Americans purchase vintage homes, they are most swayed by the character of the house (40%) and the layout (27%). Others (22%) say they look for a specific characteristic, like a fireplace or hardwood floors.
Americans love to DIY (but only the easy stuff)
According to the survey, the top three home improvement and design influencers are:
- The Property Brothers
- Martha Stewart
- Chip and Joanna Gaines
Perhaps for this reason, American homeowners are fairly realistic about what renovations they’re willing to DIY and which they would prefer to leave to professionals. The top three upgrades Americans are willing to handle themselves include:
- Minor facelifts, like flooring and paint (57%)
- Outdoor space improvements (54%)
- Bedroom upgrades (53%)
The survey showed most Americans would prefer to leave kitchen (67%) and bathroom (65%) renovations to pros.
About 1 in 5 American homeowners (19%) admit that they’ve gotten stuck in “money pit” home renovations before.
“This is why LendingHome is a valuable partner for buyers. We have proprietary data from over 35,000 transactions and the know-how to help investors make the most of their fix-and-flips and avoid money pits,” added Bourque.
Propeller Insights, a market research firm, surveyed 1,004 respondents over a 10-day period and met a 95 percent confidence level, or a 5 percent margin of error.
About LendingHome
LendingHome is now one of the nation’s top lenders for real estate investors with more than $7.8 billion in loans originated to date. Established in 2013, LendingHome makes it easy for professional and first-time real estate investors to quickly and reliably receive the financing they need for their projects and businesses to thrive. Using a powerful combination of innovative technology and expert advice, LendingHome has added flexibility and simplicity to every step of the borrowing process. For further information, please visit lendinghome.com. NMLS ID #1125207
Contacts
Melanie Daifotis
PRforLendingHome@Bospar.com