Locked Into Low Mortgage Rates, Homeowners Stay Put and Renovate
More than 90% of homeowners say they don’t plan to sell in 2025. Instead, they're looking to upgrade their current spaces
Jan. 17, 2025
Image: LStockStudio / stock.adobe.com
Many homeowners are opting to renovate their existing home rather than sell and buy a new one.
High prices and mortgage rates are making it difficult for Americans to buy homes. While this is the case for first-time homebuyers, this is also the case for those who are locked into low mortgage rates. According to a recent survey from multi-platform home enthusiast brand This Old House, 91% of homeowners say they do not plan to sell in 2025, with many citing rising home prices and mortgage rates as their top reasons for staying put. Instead, many are choosing to renovate their homes to make them more comfortable for the long haul. About 48% of homeowners plan to make renovations in 2025, with younger Americans much more likely than Baby Boomers to plan home upgrades.
When it comes to renovation goals, 50% of those remodeling in 2025 say they’re doing it to make their living space look better, while 49% are making repairs. Additionally, 41% plan to renovate to make their living space more comfortable, and another 41% plan to remodel to increase their home’s value.Read more
