Homeowner Renovation Plans Surge Amid Economic Pressure

A recent report from Angi reveals that despite a 12% decline in total home project spending in 2024, 93% of homeowners are still planning renovations for 2025, driven by high interest rates and a preference to 'renovate over relocate.' The report highlights that 67% of homeowners are choosing to upgrade their existing homes rather than moving, reflecting a commitment to homeownership amid economic pressures. Homeowners also face challenges including skilled labor shortages and unexpected expenses, with 61% expressing concerns about maintenance costs. The stress associated with home repairs has risen, surpassing that of other major budget items like healthcare and childcare. As homeowners look to improve their spaces, trends indicate a shift toward simpler, more durable home upgrades. Meanwhile, builders are easing some of the financial burdens for buyers through mortgage rate buydowns, making home purchases more feasible despite high borrowing costs.