About This Statistic
The statistic shows improvement and maintenance expenditure spent on both owner-occupied homes and rental units in the United States from 2001 to 2015. In 2015, US improvement and maintenance expenditure came to 340 billion US dollars.
Home improvement in the U.S. – additional information
Home improvement is the process of remodeling or repairing one’s home. Renovations can range from painting the exterior or interior of the home to replacing the entire plumbing system. The American home improvement industry has seen huge growth since the mid-1990s. It contracted after the property bubble burst and the global financial crisis began in 2008, but stabilized in 2011 and has been steadily increasing in size ever since.
Affluent households are more likely to remodel their homes than poorer households, because it can be a costly undertaking. Households with incomes of 200,000 U.S. dollars or more hired more interior designers during 2016 than households with incomes of 100,000 U.S. dollars or more did. Homeowners often put the extra money from refinancing their home towards improving their homes.
Home improvements are often carried out when preparing to sell a home, but some renovations are considered more critical than others. In a 2014 survey, homeowners were more likely to paint inside their home than outside when preparing to sell their home. However most respondents said that making small repairs to their home was the most critical investment.