HOME MAINTENANCE AND REPAIR
President's Committee on Consumer Interests
In recent years the home improvement and repair industry has enjoyed virtually unprecedented expansion and prosperity. There are now, according to the National Home Improvement Council, approximately 60 million homes in the United States. To improve these homes and keep them in good repair, $11.7 billion was spent by the American consumer in 1963. Of this amount, $6.8 billion was spent by owner occupants of singlefamily dwellings. This is an average of $224 for each unit for the year.
It has been estimated that $12.5 to $13 billion was spent on home repair and improvement in 1965. Owners of properties with one housing unit spent $7.2 billion in 1965, almost $250 per homeowner. The Federal Reserve Board reports that commercial lending institutions alone held more than $3.6 billion in home repair and improvement loans in 1965. Home improvement is, therefore, big business.
The average homeowner channels 1.5 per cent of his income each year into improving or repairing his home. Among the many reasons for this large investment are these:____________________