Americans now spend $5,635 each year on home renovation projects, -plus an additional $1,599 on home decor. However, those averages differ between generations.
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Author: Emily Seay
Deck the halls: Unwrapping 2023’s Christmas decorating stats
With the holidays arriving, 83% of Americans are decorating for the festivities, according to Lombardo Homes. The new-construction company is unwrapping all the stats surrounding Americans’ and their holiday cheer.
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Living room renovations: America’s hottest home upgrade trend
The term “living room renovation” was Googled 629,832 times per month. The data indicates that Americans are most interested in updating their living rooms.
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NAHB: The two-car garage is king
Across the map, there’s a dominant for parking option among new single-family homes: the two-car garage. Sixty-six percent of single-family, new construction in 2022 included two-car garages
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Homebuyers need an annual salary of $115,000 to afford an average U.S. home
New homebuyers must make an average annual salary of $115,000 to afford the average U.S. home, according to recent studies from Redfin. That’s about $40,000 more than the typical American household earns.
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Exorbitant home prices and mortgage rates are highest ever recorded
New homebuyers must make an average of $115,000 to afford the average U.S home, according to studies from Redfin. That’s about $40,000 more than the typical American earns.
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Likely increase in first-time Hispanic homebuyers
Around 70% of new homebuyers will be Hispanic by 2040, according to projections from the Urban Institute. Based on the 2020 Census data, Hispanics are the quickest growing demographic in the U.S. However, with rising interest rates and escalating home prices, affordability issues are appearing for young Hispanic homebuyers.
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This Atlanta ZIP code boasts the most new rental construction
The Atlanta ZIP code of 30309 ranked among the top 10 in the country in terms of new apartment construction, according to RentCafe
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Houses before spouses: the best and worst states for single homeowners
House hunting was traditionally a couples’ game until Millennials and Gen Zers came into the picture. Now, many young individuals are plunging into the market solo.
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