Houzz survey finds the majority of U.S. homeowners plan to stay in their home for the long term.
With the exception of millennials, the majority of U.S. homeowners (66%) who are remodeling plan to stay in their home for the long term, according to the third annual Houzz & Home survey. Fifty-three percent of U.S. homeowners say they are remodeling to increase the resale value of their home, but have no plans to move in the next five years, and 16% plan to sell their home in the next two years.
While homeowners remain cautious about the economy, three quarters (74%) said their local housing market has improved and there was a significant drop in the percentage of homeowners who said funding their renovation project or staying on budget was a challenge this year (19% vs. 27% in 2013). Those who report a significantly improved local housing market are more than twice as likely to be planning to remodel (42%) than they are to move (16%) in the next two years.