Thanks to the continued housing market recovery, homeowners are expected to increase their home renovation projects, according to a report issued this week by Harvard University’s Joint Center for Housing Studies. JCHS Managing Director Chris Herbert weighs in on what this means for many markets across the country.
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The gap between current rental housing construction and the needs of lower-wage renters is widening, and it’s because new units cater to the upper end of the income spectrum, according to Harvard University’s Joint Center for Housing Studies.
According a report released by the Joint Center for Housing Studies of Harvard University, rental demand has increased dramatically in the past 10 years. The study found that the U.S. saw its largest gain in any 10-year period from the time between 2005 and 2015, when rentership skyrocketed from 9 million to 43 families. In Illinois, the share of moderately cost-burden renters in 2014 was 24.1 percent and the share of severely burden renters was 26.9 percent.
Riding on the coattails of positive housing market conditions, home improvement spending is expected to pick up heading into 2016, according to a recent report released by Joint Center for Housing Studies of Harvard University. The report, called the Leading Indicator of Remodeling Activity (LIRA) and released by the university’s Remodeling Futures Program, projects that annual spending on home remodeling projects will increase from 2.4 percent in the second quarter of this year to 6.8 percent by the same quarter next year.
The renovation projects with the biggest return on investment when it comes to selling your home.