2009 Remodeling and Homebuying: the Rich are Reluctant
America’s richest consumers are holding off this year on major remodeling projects and on new home purchases.
That unsurprising fact is included in a new survey by the American Affluence Research Center (http://www.affluenceresearch.org/ Jungle 2 Jungle ipod ), a marketing firm that studies the wealthiest 10% of U.S. households.
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It notes that only about 10% of the affluent are planning major remodels this year. Compare that to 34% in 2005, the biggest year for remodeling by wealthy homeowners.
Remodeling plans for the group are less than half of what they were last year at this time.
A Beautiful Mind film The Center also notes that “plans to acquire either a primary residence or a vacation home have declined to record lows.”
The report is based on a survey of households with an average annual income of $290,000, an average net worth of $3.1 million, average investable assets of $1.4 million and an average primary residence value of $1.2 million.
