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Pandemic Leads to Surges in Home Buying & Remodeling

July 11, 2020

A pair of studies show that homeowners are moving on renovations, and almost half of renters want to buy a home after the coronavirus outbreak.

Despite widespread disruptions to the U.S. economy from the coronavirus (COVID-19) pandemic, 73% of homeowners are planning to renovate their homes in 2020, according to a May 2020 LightStream home improvement survey. That percentage is only slightly below the 77% of homeowners reporting home improvement plans for 2020 in a January LightStream survey."

The America at Home Study, conducted online in April revealed almost half (46%) of current renters say they would now prefer to own versus rent, potentially representing 7.4 million households in the U.S. The majority of the respondents ranged in age from 25 to 44. That's a sizable shift since the NAHB’s first quarter 2020 Housing Trends Report indicated just 16% of respondents of the same age were expecting to purchase their first home in the next year. Read More >