CHARLOTTE, Mecklenburg County — While interest rates currently sit above 7.5%, many homeowners are choosing to stay in their current homes.
Those same people are paying for renovations instead of looking for a new house.
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A large part of that could be the interest rates.
A 2023 renovation trend study from Realtor.com shows owners are spending 50% more than they did last year on home renovations. Kitchens, bathrooms, and energy efficiency are some of the biggest additions this year.
Experts say people are investing in their homes, making more up-to-date remodels that will bring returns for years down the
"People are looking to have their home age in place, as we call it," Amanda McDaniel, VP of ExpoHome Improvement, said. "They want to enjoy the renovations that they are paying for without selling the home to someone else right away. They realize that in a few years, those updates will pay off in the form of increased equity."
The vast majority of homeowners today have mortgages with interest rates below 4%. This seems to indicate why tens of millions of Americans are putting their money into home improvement projects.
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