Are you in one of the home products or service industries? Do you want to start a business in one of those industries? Home ownership is popular among Americans. Most say they prefer making a mortgage payment, rather than paying a landlord rent, according to the Fall Homebuyer Insights Report from Bank of America.
And home ownership makes Americans happy—93% are happier because they purchased a home. And 83% say their happiness is due to “an improved lifestyle and the variety of hobbies” that come with home ownership.
This is one area that ripe with entrepreneurial opportunity—75% of homeowners started pursuing new hobbies once they bought a house, including:
- Interior design/remodeling—33%
There are so many business opportunities tied to homes and gardens.
Some include selling appliances, home décor, kitchen or gardening supplies, or homes themselves, or are in the home services business (plumbers, roofers, contractors, etc.), it helps to know who today’s homeowners are and what they want.
One of the fastest-growing groups of homeowners today are single women, according to House Beautiful. And the National Association of Realtors (NAR) says single women made up 17% of home buyers in 2019, compared to single men who bought 9% of homes.
Bank of America’s 2018 Homebuyer Insight Report showing that 73% of women value home ownership more than getting married (41%) and having children (31%) was one of the inspirations for House Beautiful and Marie Claire magazines to study the trend.
Scared of a money pit?
Buying a home can be quite complex, as potential homebuyers are concerned about being able to afford to pay their mortgage. Others fear the responsibility that comes with home ownership, particularly the repairs and/or renovations.
Homes, of course, don’t come cheap. NAR stats show the average price of a woman’s first home is $166,370, while men pay an average $180,570.
This creates business opportunities for anyone in the real estate industry, accountants, and financial advisors.
Home and garden trends change frequently, so it’s vital you keep up. There’s aIways a “hot’ color—this year Pantone, the color experts, named Classic Blue it’s color-of-the-year for 2020.
You can see the latest trends on Houzz, an online community that caters to the architecture, interior design and decorating, landscape design and home improvement industries.
They recently identified these 10 “rising” design trends for this year:
- Wood cabinets amid painted cabinets
- Shower ledges instead of niches
- Dining rooms with personality
- Bathroom seating (not the toilet)
- Tiled bathtub aprons
- Softly colored kitchens
- Double floating vanities
- Colorful laundry rooms
- Fully wrapped powder rooms
- Painted interior front doors
Despite a recent move towards painted kitchen cabinets, more than 40% of renovating homeowners want white kitchens when they remodel.
For contractors and construction people, the National Association of Home Builders says the most in-demand remodeling projects are (in order):
- Floors & ceilings
- Small kitchen appliances
- Windows & doors
- Water heater
- Air conditioning
- Minor bathroom fixes
- Electrical work
Green is a hot color too, these days. Green plants, that is. The Produce Marketing Association says plants are “white hot” right now. Millennials are a driving force behind this trend. Houseplant sales rose 50% in the last three years to $1.7 billion, according to the National Gardening Association. To learn more about plants (indoor and outdoor), consumers are increasingly turning to gardening websites.
And, as I said, this trend is fueled by millennials—people ages 18-34 make up 29% of all gardening households. The average household spends $503 on lawn and garden supplies for a total $47.8 billion.
Want to know more about how to better serve homeowners? A SCORE mentor can help. Contact one today.