High inflation has caused most Americans to put their home improvement projects on hold, according to a new survey from Discover Home Loans, a division of Discover Financial Services (NYSE: DFS).
In a national survey of 1,500 homeowners conducted in late January, 59% of survey respondents said they are postponing their projects due to the economic tumult created by the inflationary environment while 26% said they will reduce the scope of their projects based on increased costs.
But less renovation work does not mean a growing wave of “For Sale” signs – 79% of the homeowners surveyed said they would rather their current house than move to a new home, with 42% stating they were no longer looking to move and an additional 21% claiming they were still looking but were less set on buying a new home.
Energy efficient renovation were high on the list of 59% of the surveyed homeowners, with roughly half of respondents going green out of environmental concerns and slightly more than two-thirds admitting they were trying to save money on their energy or water bill.
“As U.S. homeowners continue to deal with inflation and interest rate hikes, it’s important for homeowners to plan ahead and understand their budget before starting their renovation projects,” said Rob Cook, vice president of marketing, digital and analytics of Discover Home Loans. “Homeowners should research current home loan options to get the best deal possible.”
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