Many Tax Rebate Checks Could Be Spent on Improving Homes
Twenty-four percent of U.S. home owners are “considering using” the money they will receive as part of the federal economic stimulus package to upgrade or improve their homes, according to a national consumer opinion survey conducted last month by Johns Manville and Opinion Research Corp.
In addition, the manufacturer found that 19% of the respondents said they would “definitely use” their rebate money for a home improvement project.
“The federal government is hoping that Americans will spend these checks and help stimulate the nation’s economy, and this survey confirms that many Americans are prepared to do that, at least when it comes to their homes,” said Wayne Russum, senior vice president of Opinion Research Corp.
Among respondents who said they are not considering using their rebate check for a home improvement, the most common intended uses were saving it (45%), paying down debt (40%), taking a vacation (14%), purchasing a luxury item (9%) or something else (5%).
The survey found that the most popular projects for respondents considering using their rebate checks for a home improvement project included:
- Household upgrades, including landscaping (23%)
- An upgrade of the bathroom (13%)
- A kitchen upgrade (12%)
- Painting a room (10%)
- Improving their home’s energy efficiency, including adding attic insulation (9%)
- Caulking or sealing (4%)
- Installing energy-efficient light bulbs (4%)
Home owners between the ages of 25 and 34 were most likely to consider using the rebate checks for a home improvement (33%); home owners older than 65 were least likely (20%), the survey found.
Home owners in the West were most likely to use their rebate check for a home improvement (27%); home owners in the South were least likely (22%).
The most common reasons cited for pursuing a home improvement project with the rebate money were comfort (34%), aesthetics (17%), environmental impact (15%), resale (13%) and return on investment (8%).
Among all of the respondents, 31% of home owners said they were planning to start a home improvement project during May, which is National Home Improvement Month.
Based in Denver, Johns Manville is a member of the National Council of the Housing Industry — The Leading Suppliers of NAHB.
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