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How to Pay for Home Improvements Since Spending Has Soared
Homeowners are spending more and more on home improvement projects. Homeowners who tackled at least one house project last year spent about $9,500 on average on home improvements across 2023—a 12.5% jump compared with 2022, according to a report from home improvement platform Angi. Younger homeowners spent even more, with those ages 27 to 42 notching total improvement bills of nearly $700 more than the average. The jump is a combination of several things: First, more homeowners are looking to improve their homes rather than buying new ones. With mortgage rates well above 7% for much of 2023, existing homeowners—80% of whom have rates of 5% or less—just aren’t very…