A recent study conducted by Harvard’s Joint Center for Housing Studies analyzed the American Housing Survey (AHS) and found that while spending on home improvements and repairs rises as the house ages, the capacity to meet that need differs sharply by income. America’s housing stock is the oldest on record, with a median age of 44 years (up from 28 in 1993).
What the data shows:
22 million households live in homes built before 1960
29% of homeowners in the lowest income quintile live in homes built before 1960
Owners of pre-1960 homes spend 39% of repair budgets on essential replacements (roofing, HVAC, windows) vs. 24% in newer homes
Older homes are 4x more likely to be classified as physically inadequate
Nationally, repair needs for pre-1940 homes alone total an estimated $23.9 billion
There is a clear pattern: the homes that need the most work are disproportionately owned by the people who may be least able to pay for it upfront.
As a home improvement Contractor, being able to offer payment options for Customers who own these aging homes can be a crucial way to serve more Customers and fuel growth for your Business . That's where the GreenSky Program steps in.
Offering financing for home improvement projects not only provides Customers with convenient payment options, but it can also give them access to needed repairs that may have been otherwise deferred for budgetary reasons. As the housing stock keeps aging, closing that repair gap will depend on financing options that meet homeowners where the need is greatest.
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