Main Street Finance

Survey Reveals Which States, Gender, and Ages are Spending the Most on Their Homes

By admin

Across the country, COVID-19 concerns have Americans staying in. Homes and apartments are getting their fair share of use, and many homeowners are turning to DIY projects and impulse furniture buys to transform their 24/7 space. If you are considering shaking things up at home, you aren’t alone. But, do your home spending habits line up with your neighbors?

Interestingly, a new study from Joybird reports how home-renovating Americans spend differently. The survey created a 7 point scale based on increments of spending. The average American registers 2.5 points, indicating a $500-$1,000 spending increment. Findings centered around differences from this average point.

Although the survey asked questions pre-COVID-19, its findings might still make you question if your renovation impulses stem from personal design ideas or larger trends around you.

First, the survey looked at home spending by state. Based on residents’ average scores, the state that spends the most is Indiana, scoring over 25% above the average increment. Midwestern neighbors like Iowa, Illinois and Wisconsin also score in the top 5 highest-spending states.

Interestingly, the Midwest’s home spending hasn’t come to a halt despite economic stress because of COVID-19. Another survey reports that 40% of Midwesterners who had undertaken home projects continued those projects well into April, 2020. So if you’re in the Midwest, don’t expect the sound of neighbors’ hammering away to stop soon.

Alternately, the lowest-scoring state is Montana, scoring nearly 20% below the survey’s national average. Residents of Montana’s Western neighbors in Minnesota, Oregon and Wyoming also score at least 5% less than the national average on home renovation and decor.

Next, the survey shifted from looking at state spending towards analyzing individuals’ spending.

The survey found that men spend around 15% more than women on home decor and renovations. Although, new marketing strategies from home improvement companies like Home Depot, which are making a point to target women as renovation spenders, might see this statistic change,

For men and women, the 35-44-year-old age group spends the most of all age demographics. On the other hand, 65-years-and-older individuals spend the least. Hopefully, this data can be chalked up to settling into your dream home at an older age.

So what do you think? Are your renovation impulses on par with those like you?

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