Americans to spend $163 billion on renovations this year
As new homes are becoming too expensive to buy in cities like San Francisco and New York, many people are electing to do renovations to their current home instead, according to this New York Times story (registration required). Of course, none of this comes cheap: a major kitchen renovation can cost an average of $40,000.
Kitchens and bathrooms, in particular, are becoming more high-tech. Some new appliances have several functions, like the refrigerated range, which chills food at 40 degrees and can be programmed to warm it up or start cooking at a certain time. Some sinks can convert into dishwashers. And in bathrooms, showers are often now separate from the tub and might include steam or fiber optics that change the color of the water to suit the bather's mood.
...The National Association of the Remodeling Industry predicts that Americans will spend $163 billion on renovations this year, up 3.5 percent from 2001 and 8.7 percent from 2000. Much of the money is being spent by people who have moved recently. (This year alone, sales of existing homes are expected to reach 5.4 million units, breaking last year's record of 5.3 million.)