Each quarter since 2012, the Home Improvement Research Institute has surveyed approximately 3,000 homeowners for its Home Improvement Project Intent Tracking Survey. The survey asks homeowners which of 32 different home improvement project areas (if any) they are planning in the next three months. It also explores to what extent they agree with statements about their home and home improvement. The goal of these surveys is to better understand consumer project sentiment.
The results from the third quarter of 2021 are in. Here are a few key findings:
1. Project planning remained high in Q3.
Through the summer months, nearly 74% of homeowners planned on working on their homes. Down slightly from the apex of project planning that occurs every Q2, Q3 2021 is 4% higher than one year ago. Likely many external factors play a role in the high number of homeowners working on their homes:
2. Today’s booming housing market could be influencing activity.
On one hand, rising home prices have more people looking at selling their homes, which typically involves some remodel work. On the other, the boom in housing has likely left many no longer able to purchase a different home, as demand outpaces supply. Instead, they are staying put and remodeling their current home.
3. Project activity correlates with age.
As homeowners grow older, project activity tends to drop off. Owners in their 30s generally renovate more, likely due to growing households. As retirement age approaches, projects drop off. Much of the work has likely been done by this point.
4. Marriage status plays a role as well.
It may come as no surprise that those who are married are planning more projects. An average married couple is likely to have dual incomes and a larger family, necessitating more accommodation.
5. DIY confidence has a large impact on project planning.
Most survey respondents believe they have at least some level of DIY confidence, with only 15% saying they don’t do any type of DIY work. While those who claim to be heavy DIYers make up only 12% of homeowners, they account for a significant portion of project plans reported.
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