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Refresh your home on a budget

From The Columbian

Refresh your home on a budget

More homeowners are turning toward home improvement projects as mortgage rates continue to stay high, and many people -- especially millennials -- are staying put as they become priced out of the market.

As a result, homeowners are looking to home projects and renovations to increase the value of their homes and make it closer to their dream, according to Angi, a home services website that allows users to search for contractors for home improvement work. The agency, which surveyed more than 6,000 homeowners in the U.S., found they spent 51 percent more on home projects last year compared to 2019, according to its "State of Home Spending" report.

The top reasons for not completing work were budget related: either the total project costs or estimates were too high or there was an immediate need to do emergency or unplanned projects. Last year, homeowners spent an average of $9,542 on home improvement projects, according to the report.

"Despite the moderate impact of inflation, homeowners are still improving their home, especially over the past five years," the report read. "In the eight years we have tracked homeowner spending on home improvement and remodeling, 2023 is the second-highest average."

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