Homeowners in large metros are more likely to take on expensive home improvement projects.
NAHB Eye on Housing examined home improvement spending projections for 2016 based on zip code. The areas of major cities with prominent shares of highly educated earners and houses built between 1960 and 1980 had the most spending on remodeling.
Most homeowners who remodeled were projected to spend between $4,500 and $5,500.
At the top of this list, NAHB estimates homeowners will spend over $68 million on improvements in 2016 in zip code 20854, a close-in suburb of Washington, DC. Zip code 20854 has over 15,000 owner-occupied homes (compared to 2,849 for the average zip), with average owners’ income slightly over $280,000. Also, a very high 53 percent of the homes in this zip code were built between 1960 and 1980.
Advertisement
Related Stories
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
Economics
NAHB CEO Tobin Says 'Housing Renaissance' on the Horizon
Responding to positive housing-related data such as falling mortgage rates and increased homebuyer activity, NAHB's CEO Jim Tobin is optimistic