Home Remodeling Is on the Rise Because of the Pandemic
According to the most recent NAHB survey, home remodeling has become very prevalent even though the pandemic has changed the way we live. Stay-at-home orders caused many to reevaluate the space they live in.
The Remodeling Market Index (RMI) was released in the first quarter of 2021 by the National Association of Home Builders (NAHB). The survey asks current remodelers to rate five components of the remodeling market as “good,” “fair” or “poor.” The questions asked are measured on a scale from 0 to 100 and over 50 is a good score.
The RMI is figured by taking the average of the Current Conditions Index (average of the current market for large remodeling projects, moderately-sized projects and small projects) and the Future Indicator Index (average of the current rate at which leads and inquiries are coming in and the current backlog of remodeling projects).
The survey reported that in 2020 17% of remodelers said the pandemic was the main catalyst to the remodeling’s resurgence. Homeowners were spending 24/7 in their homes, they had to come up with ways to make their living space into a live, work and play scenario.
Among the spaces that were remodeled the most were bathrooms and kitchens. The survey data showed that 74% of remodeling jobs were bathrooms while 67% were in the kitchen. Homeowners wanted to replace or repair older components and reconfigure the spaces.
“As home owners continue to make modifications to their homes, it’s important that they do their research and hire a qualified professional,” said NAHB Remodelers Chair Steve Cunningham, CAPS, CGP, a remodeler from Williamsburg, Va. “Whether it’s a small project or a whole house remodel, a qualified professional remodeler can help home owners create a space that works for them.”
