First 2020 brought a housing boom, and now 2021 is bringing a home-renovation boom.
First-time buyers are more likely to buy fixer-uppers but older homeowners are the ones really spending on DIY.
It s yet another chapter in generational inequality, and another way homeownership is less affordable for millennials.
The other side of the housing boom is here: home-renovation projects.
As Americans were left with more time on their hands and more time in their houses, they began fulfilling their wildest HGTV fantasies. Home improvement and repair spending grew by nearly 3% to $420 billion in 2020, per a recent study by Harvard University s Joint Center for Housing Studies (JCHS).
Home construction, remodeling demands on the rise
The Daily Jeffersonian
Skyrocketing costs and an increasing demand for materials have not slowed down calls for new construction and home remodeling projects, but it has created a few issues for some contractors.
A lack of materials has resulted in the inflation for some material prices by as much as 200%, according to industry experts. We have had some hang-ups with material shortages and some things are 200% more expensive, said Lori Warne Jones of Jack Warne Construction of Cambridge. When you bid a project and it ends up costing double, or even triple, the estimate, that creates a lot of grief and frustration.
Finance of America expands into renovation loans nationalmortgagenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalmortgagenews.com Daily Mail and Mail on Sunday newspapers.
Homelessness Falls in America But Rises in Big Cities
Homelessness is on the rise in many of America s biggest cities as wealth concentrates in urban centers, elevating rents and squeezing supplies of affordable housing in places like Los Angeles and New York, new federal data show.
November 20, 2015 •
By James Nash and Esme E. Deprez
Homelessness is on the rise in many of America s biggest cities as wealth concentrates in urban centers, elevating rents and squeezing supplies of affordable housing in places like Los Angeles and New York, new federal data show.
Homelessness in and around big U.S. cities increased 3 percent this year, even as the nation s overall rate declined 2 percent, according to a report from the U.S. Department of Housing and Urban Development released Thursday. Nowhere has the problem grown more acute than in the Los Angeles region, where the homeless population rose 20 percent, to more than 41,000 people. Los Angeles has the largest unsheltered popula
Many Black Renters, Hit Worst By COVID, Remain in Dark About Billions in Relief Funds
By Aldon Thomas Stiles, California Black Media
Published May 6, 2021
(Courtesy photo)
California is in the process of rolling out a massive billion-dollar rental relief program. It is designed to help people who fell behind on their rent due the global coronavirus pandemic recover.
But many renters, including Black Californians who lease residential property, may not know about the state’s new CA COVID-19 Rent Relief program or they may not have details on how to apply for the available assistance. Other advocates say some renters could simply be confused because there are multiple rental relief programs at the county or city level to help renters.