If you’ve ever undertaken a big kitchen renovation, finished off a basement, or added a wing to your home, you know the feeling: no matter what the contractor promises, remodeling takes longer and costs more than anyone ever expects.
The report, Improving America’s Housing 2019, is from Harvard’s Joint Center for Housing Studies. As shown in the graphic above, spending did tick down as the housing bubble deflated a decade ago – but even at its post-crisis nadir, it was still higher than in 2004, when the bubble was getting started. And the overall market has grown more than 50% since the recession ended, including making a 6.5% annual jump from 2016 to 2017.
Another factor keeping the overall age of housing stock high: the lean pace of new-home building. Economists at Freddie Mac have estimated that the U.S. is several million homes short. At an investor conference early in March, Home Depot HD, +0.86% Executive Vice President Edward Decker told analysts that “the age of the housing stock” was something management kept a close eye on.
Also, homeowners are spending more on improvements caused by disasters. Across the country, such expenditures totaled $2.3 billion in 2017, nearly double the $1.1 billion spent in 1999. And the average price tag is getting a lot bigger, too: $13,199 in 2017 versus $5,931 in 1999.
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