A huge spike in home renovations

home renovations

Major Home Renovations Increase by 25% in First Half of 2021

Home renovations have increased since the start of 2021, with over half (55%) of U.S. homeowners reporting substantial improvements that boost home values, according to a July survey commissioned by Selective Insurance and conducted by The Harris Poll. This is a 25% increase from a similar Selective and Harris Poll survey conducted in December 2020, indicating a current rise in home improvements despite headlines about supply chain delays, increasing cost of materials, and labor shortages.

“Selective’s study on home renovations reinforces our observations, based on customer interactions, that the current housing and renovation boom remains strong,” said Allen Anderson, Senior Vice President, Personal Lines, Selective. “Every home renovation project is unique, but every homeowner needs to protect their investment from future loss. Independent insurance agents help homeowners evaluate their coverage needs and update their insurance to reflect their renovated home’s full replacement value.”

~ Selective

Renovation Stats

KitchenInfinity takes a closer looks at 33 Surprising Home Improvement Trends & Statistics In 2021 Here are some stats in the article that caught our eye… in relation to homes and homeowners in Connecticut:

  • More than 50% of homes in the US were built before 1980
  • Kitchens remain the most renovated room in the home
  • 52% of Americans will spend $15,000 on home repairs in 2021
  • Home improvement is more popular for married people than for single people

Burke Mortgage is a mortgage broker that helps buyers secure a mortgage. However, we do have connections with local selling agents.