Monday, September 30

Renovating a home this year in the United States could be more expensive

Home repair spending is expected to reach $580 billion this year.
Home repair spending is expected to reach $580 billion this year.

Photo: Milivoj Kuhar/Unsplash

Arlenys Tabare

This year homeowners in the United States who are planning to remodel will have to adjust their budget very well, since prices for construction materials last month increased 3% compared to 2022.

Therefore, renovating a home could be more expensive than a year ago, some construction items such as bricks increased their value by 25%. While the construction industry according to Associated Builders and Contractors needs about 546,000 additional employees to keep pace this 2023.

When the time comes to renovate a property, the owners usually contact the contractors; however, this year due to a shortage of skilled workers, they are charging much more.

In details, the average cost for home renovation is more than $30,000 dollars, Since, for example, this year rebuilding the kitchen can cost about $20,000 dollars and the main bathroom about $10,000 to $13,000 dollars, these are some of the spaces that are commonly renovated, but if other home repairs are added to that, the cost can be higher.

According to a Harvard study, last year close to $567 billion dollars was spent on home repairs, that is, 15% more than in 2021. For this year, sThe figure is expected to exceed $580,000 million dollars.

For Miguel Villamil, owner of a general contracting company in Indianapolis, interviewed by CBS News “we have prices on one side, homeowners on the other side and we are tight in the middle,” he said. Which means that contractors are also suffering from inflation through high prices.

Keep reading:

  • Renting or buying in the United States: which is cheaper
  • US new home sales rose in February as mortgage rates fell
  • The median home price fell 0.2% in February