Fewer Americans plan to move this year compared to last year, but a larger share will conduct home improvement projects, according to a survey commissioned by American Express.
Some 27.8 million Americans, or 12 percent of the population, plan to move this year, down from 16 percent last year, according to the survey, which was administered by the marketing analytics firm Ebiquity.
Though the overall share of Americans with plans to move edged down, a particularly high percentage of California (19 percent) and New York (17 percent) residents expect to pick up their roots, the survey found.
The lower number of Americans expected to move might not seem to bode so well for home sales in 2015, but the survey’s results generally reflect the housing market’s continued path to recovery, American Express said.
The share of respondents who said that it’s a seller’s market rose to 25 percent from 20 percent the previous year, and was up from 12 percent in 2013.
Meanwhile, the percentage of respondents who said it’s a buyer’s market slipped to 37 percent, from 39 percent in 2014 and 45 percent in 2013.
With more consumers expecting to stay put, the share who plan to perform home improvement projects edged up to 75 percent from 73 percent in 2014, with respondents expecting to spend about $4,100 per project on average, up slightly from $4,000 in 2014.
The survey also points towards a shift in how consumers will go about sprucing up their homes, with 21 percent planning to use contractors, up from 15 percent in 2014.
“Retailers can expect to see more interest in home-related purchases — everything from furniture and fixtures to paint and plants,” said David Rabkin, senior vice president of consumer lending products at American Express.
Redoing a kitchen or bathroom, along with cosmetic work, like painting, and green home improvements were projects that have grown in popularity from last year.
The biggest source of inspiration for respondents planning to renovate their homes this year was home design TV shows, followed by online magazines, DIY-themed blogs and social media sites.