Real estate

Vast majority of Americans not moving, plan to remodel

March 29, 2012 at 12:53 PM ET

Lacking confidence in the housing market, most Americans are not moving this year. And since they’re stuck, most have some sort of home improvement project planned for 2012, according to a new survey.

The American Express Spending and Saving Tracker “Home Decision 2012” survey says that 10 percent of Americans – 23 million people – plan to move. Of these, 44 percent plan to buy a home and 42 percent say they will rent. As for the other 14 percent? Amex doesn’t say, but maybe mom and dad should clean out the basement.

The home improvers? Seventy percent say they have a project. They plan on spending an average of $3,500, or roughly what a contractor charges for 28 minutes of work plus lunch (we kid). Of those projects, 58 percent will be interior remodel and the top project in that category is paint, 37 percent.

Twenty-four percent must not have allergies; they plan on doing some sort of landscaping.

The survey report noted that Americans still don’t trust the housing market will get better. Fifty-two percent are “not very/not at all” confident they’d get their asking price if they listed their current residence.

Read the full American Express Spending and Saving Tracker “Home Decision 2012” report.

The material was first reported in the Wall Street Journal.

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