Wed, 07 April 2021 | pandemic housing
After a year in which "working from home" began to feel like "living at work," America has undergone a profound shift in its understanding of "home," driving homeowners to want more space, new uses and a better environment to nurture positive changes that evolved during lockdown. They also want to address design, condition and space frustrations they felt while spending uninterrupted time indoors.
According to the 8th annual LightStream Home Improvement Trends Survey,1 nearly half (47%) of U.S. homeowners say they are utilizing their space differently since the onset of the pandemic. And more than two-thirds (69%) say spending more time at home has made them eager to upgrade.
The LightStream survey reports that 91% of respondents say a lack of space in their home became a big frustration during the COVID-19 experience. Younger homeowners in particular say they wish they had more room (63% of Gen Z vs. 71% of Millennials vs. 64% of Gen X vs. 47% of Boomers). As a result, 12% of those with home improvement plans for 2021 are including a home addition while 14% are planning a basement or attic remodel. As spaces are being reimagined, the most popular projects homeowners plan to spend money on in 2021 include kitchen remodels (38%), outdoor improvements (35%), bathrooms remodels (32%) and home repair/technology upgrades (30%).
There are many reasons why space utilization has become so important. The LightStream survey uncovered that more than one-in-ten (12%) U.S. homeowners say the number of children or adults in their home has increased during the pandemic due to COVID-19 safety (35%), health reasons (20%) or other changes. As a result, over half (56%) of those newly-expanded households have renovation plans for 2021. Not surprisingly, three-in-four (72%) homeowners whose households have grown wish they had more personal space. Multi-generational families (that may include parents, children and their grandparents) and traditional households (parents and their children) are more likely to undertake 2021 projects than homeowners without children (44% of each vs. 34%), particularly to improve at-home working and learning spaces.
Source: Truist