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Lower Interest and Mortgage Rates Could Boost Home Services Spending in 2024
Relative to 2023, how much do you expect to spend on the following areas in 2024?
Looking ahead to what their total 2024 expenditures will be relative to 2023, less than a quarter of respondents indicated that they expect to spend more for home repair, maintenance, and improvement services. More respondents said they expect to spend less in 2024 than in 2023 across all three categories, but the most common expectation was that expenditures would remain about the same.
If interest/mortgage rates come down significantly over the next year, which of the following are you more likely to do?
However, when asked to consider the possibility that interest/mortgage rates fall significantly over the course of 2024, 47% of homeowners expect they would spend more on home improvements as a result, with only 22% saying they would spend less.
Many Gen Z and millennial respondents in particular would look to invest more in home improvement projects and sell their home should interest rates come down. Over 18% of Gen Z and millennials would make that decision, compared to just 8% of baby boomers.