Homeowners are expected to increase spending on improvements across 50 of the nation’s largest metropolitan areas in 2018, according to new Metro Area Home Improvement Projections released this week by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.
Spending by homeowners will increase by at least five percent in 41 of the 50 metros tracked, and by 10 percent or more in 11 of these major metros, led by Kansas City, Charlotte, San Antonio, Dallas, and Sacramento.
None of the 50 major metro areas tracked are projected to see spending decline in 2018.
“Spending growth is projected to be particularly strong in many of the nation’s more affordable markets,” said Chris Herbert, Managing Director of the Joint Center for Housing Studies. “At the same time, there are a few high cost markets where low housing supply is spurring the renovation of existing homes.”
“Our projections show that growth in the remodeling market is not concentrated in just one area of the country, but is widespread,” said Elizabeth La Jeunesse, Senior Research Analyst in the Center’s Remodeling Futures Program.
“Average growth through 2018 in the South, West, and Midwest is projected to be close to 7.4 percent, while growth in the Northeast will be 5.6 percent.”