LOS ANGELES–Members are more likely to be borrowing for home improvement projects now if the price of lumber is any indication.
After soaring to an all-time high in May 2021 at $1,686 per 1,000 board feet, up 92% from the beginning of the year—sending remodeling costs soaring and boosting the average price of a new home by $36,000–lumber prices have since fallen by almost 71% to $494 per 1,000 board feet.
To find out how fluctuating lumber prices have affected homeowners’ plans for home improvement projects, Expertise.com surveyed 810 homeowners who either started or considered starting projects earlier this year.
“We found that most homeowners who started home improvement projects in 2021 saw the costs increase considerably, leading many to delay projects,” the company said in releasing the findings. “Of those who did delay projects, nearly two-thirds are planning to restart them now that lumber prices have fallen.”
Key Findings
Among the key findings in the survey:
- 77% of home improvement projects started in 2021 ended up costing more than expected due to the price of lumber.
- Of home improvement projects that cost more than expected due to lumber prices, the average increase was 205% and the median cost increase was 40%.
- 68% of those who started a home improvement project saw the cost increase ended up delaying the project. When factoring in the projects that didn’t increase in cost, 55% of all home improvement projects were pushed back due to high costs.
- 65% of those who delayed projects due to the high cost of lumber are restarting them soon now that lumber prices have dropped.
The full survey findings can be found here.