*
Back a few years ago when the Remodeling Magazines Online site was active and viable they put up a few pages that were a copy of the report entitled Improving Americas Housing original researched and published by The Joint Center for Housing Studies of Harvard University. Cleaning up my office the other day I discovered a copy I had printed out way back then and went back in to it to look at what I had highlighted. There were a bunch of things there that I thought were incredibly significant then and still do now and I thought I print out some of those notes here and see what everyone here thinks.
From the Executive Summary under Who Remodels?
> … Household composition and income are two key factors influencing expenditures. In particular, as household income rises, so too does the probability of undertaking a home improvement project. As a result, the 11% of households with incomes of $100,000 or more account for almost one-fourth of all remodeling expenditures….
> …the types of households that are most likely to remodel are married couples with children, who often invest in additions or other projects that expand their living space to accommodate growing families. In fact, the birth of a child is one of the major motivations for remodeling….
> ….In terms of timing, trade-up buyers spend the most on remodeling within the first 24 months after purchasing a home. Indeed, the longer trade-up buyers live in their units, the less likely they are to remodel….
i 11% of households with incomes of $100,000 or more account for almost one-fourth of all remodeling expenditures.
To me that’s a big wow that’s says a lot to me about how we should be marketing our services.
While I’ll continue to put up some of what I highlighted in the report here for anyone who would like to read the whole thing they can go to http://www.gsd.harvard.edu/jcenter/Publications/R99-1%20Improving%20America%27s%20Housing/R99-1%20Table%20of%20Contents.html and download the PDFs there.
Replies
*
Back a few years ago when the Remodeling Magazines Online site was active and viable they put up a few pages that were a copy of the report entitled Improving Americas Housing original researched and published by The Joint Center for Housing Studies of Harvard University. Cleaning up my office the other day I discovered a copy I had printed out way back then and went back in to it to look at what I had highlighted. There were a bunch of things there that I thought were incredibly significant then and still do now and I thought I print out some of those notes here and see what everyone here thinks.
From the Executive Summary under Who Remodels?
> … Household composition and income are two key factors influencing expenditures. In particular, as household income rises, so too does the probability of undertaking a home improvement project. As a result, the 11% of households with incomes of $100,000 or more account for almost one-fourth of all remodeling expenditures….
> …the types of households that are most likely to remodel are married couples with children, who often invest in additions or other projects that expand their living space to accommodate growing families. In fact, the birth of a child is one of the major motivations for remodeling….
> ….In terms of timing, trade-up buyers spend the most on remodeling within the first 24 months after purchasing a home. Indeed, the longer trade-up buyers live in their units, the less likely they are to remodel….
i 11% of households with incomes of $100,000 or more account for almost one-fourth of all remodeling expenditures.
To me that's a big wow that's says a lot to me about how we should be marketing our services.
While I'll continue to put up some of what I highlighted in the report here for anyone who would like to read the whole thing they can go to http://www.gsd.harvard.edu/jcenter/Publications/R99-1%20Improving%20America%27s%20Housing/R99-1%20Table%20of%20Contents.html and download the PDFs there.