First 2020 brought a housing boom, and now 2021 is bringing a home-renovation boom.
First-time buyers are more likely to buy fixer-uppers but older homeowners are the ones really spending on DIY.
It s yet another chapter in generational inequality, and another way homeownership is less affordable for millennials.
The other side of the housing boom is here: home-renovation projects.
As Americans were left with more time on their hands and more time in their houses, they began fulfilling their wildest HGTV fantasies. Home improvement and repair spending grew by nearly 3% to $420 billion in 2020, per a recent study by Harvard University s Joint Center for Housing Studies (JCHS).
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