In the world of home improvement lending, it makes sense to keep a pulse on key trends and consumer behavior. For 2019, the Home Improvement Research Institute provides some insight to key drivers for home improvement.
For example, most DIYers are more likely to be Millenials according to recent research. Almost 25 percent of the nation’s population made improvements to their homes last year and only 7 percent of them hired a professional. Over-inspiration appears to be a key factor in the home improvement arena. Of those surveyed, more than 30 percent who participated in renovations regretted not spending more when considering the project. Other factors such as the rising rental housing market, growing interest in home wellness and smart home technology seem to have an impact on the growth in this market. Read more at Forbes.
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Read more at Forbes.