The aging stock of homes in the U.S. is a positive for remodelers. NAHB data indicates that nearly half of all homes were built before 1980. Inside these homes lie outdated kitchens, bathrooms, aging decking and other potential projects.
According to the North American Deck and Railing Association estimation, 30 million decks are past their useful life, opening the necessary door for remodelers. Contributing to this is the low lock-in rates current homeowners are not excited to give up.
“According to industry data, more than half of outstanding mortgages continue to carry interest rates at or below 4%, contributing to the reluctance to sell and buy another home at today’s higher borrowing costs. This dynamic has weighed residential buying and selling activity as homeowners choose to stay put rather than take on substantially higher mortgage payments,” said Leeann Starr, marketing communications manager at Grabber. “Remodeling activity has remained elevated, supported by sustained spending on home upgrades and maintenance, with outdoor living spaces such as decks playing an increasing role in how people enjoy their homes.”
