Despite Devastating Effects on the Broader Economy, Pandemic Has Been a Boon for US Home Improvement Joint Center for Housing Studies

In the short term, many homeowners who deferred projects—both large and small—in 2020 are expected to complete those renovations once the pandemic is over. All of these factors have boosted the home improvement market and may become lasting trends that, in turn, fuel remodeling activity in the US for years to come. For many homeowners with low incomes, however, keeping up with mortgage payments—let alone home maintenance—was especially challenging last year. The ability of these owners to maintain their typically older, more affordable homes is critical not just for their safety and comfort, but for the preservation of the country’s aging housing stock. Lower-income owners were more likely to have lost employment income due to the pandemic. If their finances do not improve enough to cover back mortgage payments …