From the course: Everyday Statistics, with Eddie Davila

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Home Improvement

Home Improvement

- [Instructor] For most people their home will be the biggest investment they make in their life. Not only is a home an investment, a home plays a pivotal role in how you live your life, your comfort level, productivity, and happiness can all be impacted by your home. As a result, Americans are spending billions of dollars each year to improve their homes. Beyond comfort, the increases in home improvement may also be tied to a boom in home equity. From 2000 to 2020, it's estimated that the average cost of housing increased by about 60%. So in that span of time, a $200,000 home might've built about $120,000 in equity. Subsequently, homeowners have taken some of those gains to improve their homes. In addition, over 80% of all US homes are 20 years old or older. Things begin to break down, styles evolve, and as people's lives change, their homes have to accommodate new needs. So just how big is the home improvement…

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