A majority of homeowners are planning to make home improvements in the coming months, a slight uptick from a year ago.
LightStream, the online lending division of financial services company Truist, commissioned a survey of 1,300 homeowners to find out whether home renovations were in their near future. Not only are more homeowners expecting to make improvements than last year, but they are willing to spend more money to do so this year.
More than three-fourths of respondents — 77% — said they plan to make renovations this year, up from 73% in 2019. The average amount homeowners plan to spend on the improvements is $11,473 — up 27% from the $9,006.60 homeowners, on average, expected to spend last year.
The increase in home improvements — and the money spent on them — is being led by millennials, defined by Pew Research as those between the ages of 24 and
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