At a time when the United States housing market is sputtering back to life, the home improvement industry is dancing at the party. In the past, homeowners often sold their existing residence to buy one with the amenities that they desired. Today, many people are renovating.

What’s Driving the Trend?

To encourage green living, the federal government and states offer subsidies for energy efficient changes. Homeowners who take advantage of these programs benefit in several ways since they receive help paying for the upgrades as well as lower energy bills. The improving economy is also driving the home improvement trend as a number of homeowners delayed repairs during the recession. Property owners are another reason for the renovation uptick because they are completing upgrades to bring in new tenants.

About the Statistics

According to statistics compiled by the Harvard Joint Center for Housing Studies, home improvement projects increased by $6 billion from 2011 to 2013 across the nation. National spending for home improvement varied. In Washington, D.C. and Boston, homeowners spent an average of $5,000 a year for home improvement while Orlando homeowners devoted $1,770 annually for renovations. In Los Angeles, homeowners spent $3,140 to upgrade their homes. Most people hired professionals to do the job. In fact, 83 percent of Los Angeles residents who renovated their homes did so with the help of experts.

In Closing

If the recent renovation trend continues, future homebuyers may find it even more challenging to select a favorite new residence since the houses on tomorrow’s market will have stylish new upgrades and the latest eco-friendly features.