What Lenders Should Know About Americans’ Appetite for Remodeling Homes
Rising home prices and the aging population are fueling Americans’ appetite for remodeling. As the Baby Boomers enter their retirement years, the desire to grow older in your own home is rising as a reason to remodel, according to a survey from the National Association of Homebuilders (NAHB).
“Remodeling market conditions are positive, and business is growing,” says Robert Dietz, NAHB chief economist.
The quarterly National Association of Homebuilders’ Remodeling Market Index, a measure of remodeler market confidence, stood at a level of 53 for the second quarter of 2016. Although it slipped one point from the first quarter, any score above a level of 50 indicates that more remodelers view market conditions as positive rather than poor. The index has been in positive territory for 13 straight quarters.