More homeowners are spending more money on their garages, according to National Association of Home Builders' analysis of Bureau of Labor Statistics data.
In a new trend, the garage is fast becoming the lap of luxury of the American home, and a major status symbol. NAHB data show that homeowners spent a cool $3.2 billion on adding garages to their homes in 2015. Instead of being strictly spartan storage space, the garage is becoming a central location for gathering, entertaining, and fun, explains Sam Smith, editor at large for Road & Track. Smith tells The Washington Post, “You’re going to see more people turning those spaces into a more welcoming and usable chunk of their house.”
Short on space? Technology and creativity — and of course cash — can still open doors. “More and more people are interested in urban vs. rural homes, and this presents a challenge if you want to have your cars at your house and you don’t have 40 acres,” says Jonathan Klinger, a spokesman for Hagerty, an insurer of collector cars. And that desire is feeding an industry of space-saving, high-tech lifts, organization systems and even auto elevators that industry experts expect to continue growing as more Americans move to cities and suburbs.
Advertisement
Related Stories
Design
What Gen-Z Buyers Really Want in a Home
The fervor of planning for Millennials in the home building industry has now pivoted to Gen Z. So, what does this new generation want?
Building Materials
Lumber Leads Building Materials Prices Higher in March
Overall, the cost of building materials rose during March, with softwood lumber, gypsum products, and concrete all seeing price increases. Only steel mill materials saw price drops
Demographics
Post-Pandemic Trends: Working From Home
A greater share of workers are still working from home than before the pandemic and they're concentrated in the information, professional, and financial services sectors
