Homeowners are projected to spend $215 billion on remodeling this year, according to John Burns Real Estate Consulting. Of that, $73 billion will be spent on large projects that cost $5,000 or more.
The firm found spending on remodeling differed depending on demographics. Recent movers, defined as owners of a home for less than three years, spend heavily on new decks and kitchen and bath remodels, compared to the average U.S. homeowner. Coasters, who are owners at a residence between four and nine years, spend money on “man caves.”
Long-term owners who have owned for a decade or more, known as Nesters, pay for new roofing and siding.
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