36 Million Homeowners Are Planning Renovations

A new survey in April 2016 by Bankrate.com says 36 million US homeowners are planning renovations in the next 12 months. Mike Cetera, personal loans and credit analyst at Bankrate, tells the Wall Street Journal that home exterior or yard renovations are the most popular options.

Transcript:

If you own a home chances are you may be thinking about renovations more in a moment from Wall Street to main street to your street … this is your money matters from the Wall Street Journal money news that helps your bottom line … welcome to this edition of your money matters I’m Charlie Turner in New York … millions of Americans are planning to renovate their homes in the coming year according to a new survey by Bankrate dot com … many of the repairs involved renovations to the exterior of the home … here to talk about the survey is Mike’s Antara Bankrate’s personal loans and credit analyst … Mike how many homeowners are we talking about who wanna make renovations … for a … twenty percent of American homeowners have lived up to thirty six million homeowners …

I’m a renovation in the next twelve months … now is that an increased percentage wise from the previous year … in a particular government survey conducted to move the other organizations that do … the work I’m talking that that we’ve heard University … they’re going to come he wrote to being in nominal terms that it was the most spending on credit … while so so that is a record what renovations of the most popular …

we had to go to a wide range of different possibilities for what you might be doing the next twelve months and was the one taking out the most of our TP to … the people who are planning to do renovations or improvements to the belly of the commute … to work and that could include anything from … I knew going in … the lawn or or or or no landscaping … working in your driveway back patio including a new … so think exterior renovations are more popular than now … SE interior … renovations like new flooring …

that that that although thirty nine percent of the old doing your bit of good news for it on their agenda for the shares well … you get too much … of much lower percentage of people saying that you can click expanding the kind of a home or think … or renovating a kitchen …

speaking of demographics even though … homeownership is lowest among millennials saw millennials who do own homes they’re more likely that the planning renovations … of than other age groups is the correct … crude rude and and the reason why we think we’re seeing is that … the millennials were filing out there and actually purchase homes that are the numerous stories shown that over the year that … went overboard primary mentor but now they’re starting to buy on … India looking deeper purple purse … first-time home buyers may be a doozy and then buying it would … or wouldn’t starter home … to his home in the may need to update to repair … verifying that people are moving into the home and then realized right away I needed something in order to take the palm … of my email …

sure and also it appears that homeowners with lower income less education … are … just as likely to be planning renovations as those with higher income and higher education … I can’t really and across the board … that the gnome that Taylor I knew that … it really that … that everyone democratically … it did for the equally … contemplating … on cruise this year … I think it will do for them and up … demand for … all improvements … in the recession people are now finally … starting to feel comparable … with their of their jobs the economy and charging order to devote to ok … now to the American Bureau … BdB picked up my homework or … to renovate the kitchen and … Sharon also probably reflects pent up desire to go into debt … on our homeowners most likely to finance their home renovations … within … the scene … of a lot of people and … I knew … I wary day to go back to that again … and there’s so much and … have them learn a thing of the session …

and we’re finding surveyed all over the place that the number one the number one way that people are are are looking to … to find in there … the improvement is going to the paper … people are not … able to … you read their savings account for that … and they’re turning in the credit card which is probably not who I really wanted to … I’m for … some people are are turned either … electronic or personal loans … though … new home equity is still very difficult to come back a lot of people … the thing that they don’t have the right amount of equity in their homes able to … take up this long to July looking a little bit … I’m more of the captain … of the campers along which is not of course I’m secured by all … the other no equity … and … so … you’re saying that down … for the first options there are going to rely on savings or credit card … dad and then really really going forward you … the character of mine are … trying to tell … you that that that really now until the forty thousand dollars in the video thing … that you … likes it or is this a sign that homeowners are feeling the are feeling better about the economy …

I’m going to make a book in our survey into our to do … that and to to really … there is really a hand that … people are doing ok in my job is not a teacher … um … it feels like … I’m in the economy at large is doing okay … until now at the time to be able to do these … things that you really know you know for a lot of people do they’re not munching projects until today when the market over doing very culpable … with their own Pursell situation … Zurich Mikes it’s their own personal loans and credit analyst at Bankrate dot com thank you very much for being on the podcast … they enter … and check this out on Twitter at WSJ podcast … and you can subscribe to all our shows on iTunes deterrents bonafide … that’s this edition of your money matters thanks for listening … time Charlie Turner at the news desk in New York