As the nation hits the 100-day mark with President Trump and his administration, homeowners are reporting their attitudes toward the political shifts do not affect their willingness to spend on home improvement projects, according to HomeAdvisor’s 2017 True Cost Report. Without a negative correlation between home improvement spending and the rise in political anxiety, the survey predicts nearly two-thirds of homeowners will spend the same amount or more on projects in 2017 compared to 2016.
Conducted from Feb. 1-7, the online survey asked 500 homeowners aged 25 or older about their recent home maintenance. It concluded that only 35% of homeowners are confident their economic situation will improve as a result of the Trump administration’s policies, but 80% say they still plan to complete a home renovation project regardless.
Although the survey showed homeowner’s feelings do not affect their willingness to start a project, HomeAdvisor found six times as many Republicans compared to Democrats cite their expectations of Trump and their positive view of the economy as a reason they will do a home project. Republicans are also more hopeful for an increased home value, with 71% expressing optimism, while 38% of Democrats and 53% of Independents feel the same way.
“Home improvement activity is showing resilience in the face of political shifts,” said HomeAdvisor’s Chief Economist Brad Hunter in a press release dated April 25. “While there is a sharp divide in how homeowners feel about the economy and the current presidential administration, that divide is not affecting their willingness to take on home projects.”
The report’s other main finding is baby boomers and millennials are spending the most on remodeling projects. Baby boomers take the lead with an average of $5,604 per project, most likely due to the fact they have peak-of-career incomes and are starting to live in place. Millennials follow right behind with an average of $5,046 and tend to do more do-it-yourself projects because they are uncertain if professionals are charging a fair price.
The West and Northeast regions are also spending more compared to the Midwest and South, with rising home values giving homeowners significant home equity to pay for projects. In the top regions, the top three projects vary between remodeling a bathroom, installing a new roof, and painting a home exterior.
