Home renovations are booming. According to the Joint Center for Housing Centers of Harvard University (JCHS), home improvement project spending leapt from $328 billion in 2019 to $472 billion in 2022. It is projected to reach $485 billion in 2023.
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A recent GOBankingRates survey backed this up, with 89% saying they spent money on renovations last year. About 88% of those people spent at least $500, with 43% spending at least $2,000.
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