Perhaps you’re thinking about completing a few home renovation projects this year, but you’re afraid you might not be able to afford them. Between inflation and supply shortages, prices for these upgrades might surge.
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In 2022, homeowners spent an average of $8,484 on home improvement projects, according to Angi. Despite rising interest rates, 50% of people expect to spend the same amount in 2023 — with 28% planning to spend less and 22% expecting to spend more.
To help with your planning process, GOBankingRates spoke with several experts to find out what they expect from renovation costs in 2023.
Higher Interest Rates, Reduced Demand
“Rising interest rates will weigh heavily on the housing market in 2023 and will create challenging conditions for construction broadly,” said Ben Johnston, chief operating