Monday, October 29, 2012

119 Million Home Improvement Projects

In the past two years, homeowners have undertaken 119 million home improvement projects, according to the 2011 American Housing Survey. They spent $358 billion remodeling rooms, upgrading systems, and replacing interior or exterior features of their house.

Most often homeowners hire professionals to do the job. Nearly two out of three home improvement projects undertaken in the past two years were done by professionals. Homeowners spent $295 billion on these projects--or 82 percent of total home improvement spending. The median cost of a professional project was $3,900, but the cost ranged from $30,000 for a kitchen addition to just $500 for appliance replacement and installation.

Some homeowners are brave enough to do it themselves. Homeowners have tackled 44 million do-it-yourself projects in the past two years, spending a total of $64 million. The median cost of a do-it-yourself project was $950, with the cost ranging from $5,000 for a kitchen renovation or a new garage to just $150 for plumbing work. The data do not reveal how many do-it-yourselfers ended up calling a professional to tidy things up.

Source: Census Bureau, 2011 American Housing Survey

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